Europe Gasoline/Naphtha-Gasoline margins drop as buying shifts to winter grade
LONDON, Sept 24 (Reuters) -Northwest European gasoline refining margins fell by over $1 to around $8 a barrel on Tuesday as trading shifted more heavily to winter-grade specification.
About 14,000 Eurobob E10 barge traded in the Argus window. PetroIneos and Shell sold to Exxon and Varo.
U.S. oil producers were scrambling on Monday to evacuate staff from Gulf of Mexico oil production platforms as the second major hurricane in two weeks was predicted to tear through offshore oil producing fields.
EU and UK gasoline exports are on track to reach 947,000 barrels per day (bpd) in September, Kpler data show, down from 1.1 million bpd in August.
Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.
Richard Holtum will take over as chief executive of global trading house Trafigura from Jan. 1 next year, the company said on Tuesday.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | ||||||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $690-$695 (winter) | $698.50 (8KT) | Gunvor | Mabanaft, BP | ||
Ebob Barges E10 Argus (fob AR) | $694-$699 (winter), $718 (summer) | $695.35 on 17KT (3KT Summer assessed) | Shell, PetroIneos | Varo | ||
Oct swap (fob ARA) | $685 | $677.25 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $852, $858 | Trafigura, Shell | Lyondell | |||
Cargoes (fob MED) | ||||||
Cargoes (cif NW E) | ||||||
Naphtha (cif NW E) NAF-C-NWE | Sept -$0.50 |
Ebob crack (per barrel) | $8.10 | Prev. $9.21 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Ron Bousso; Editing by Emelia Sithole-Matarise
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