European gasoline falls due to storm threatens US Gulf

Gasoline refining margins in northwest Europe weakened on Thursday due to soaring crude prices, but prices were underpinned by a tropical storm heading towards the US Gulf refining hub. US gasoline margins hit nine-day high on Thursday as Tropical Storm Nate threatened the Gulf Coast, traders said. PBF Energy and Royal Dutch Shell Plc were preparing to keep their Louisiana refineries running during the storm, which is forecast to make landfall in the state on Sunday, sources familiar with plant operations said on Thursday.
Gasoline stocks held in independent storage facilities at the Amsterdam-Rotterdam-Antwerp refining hub fell 6 percent to 788,000 tonnes in the week to Thursday, according to data from Dutch consultancy PJK International. Partial maintenance at Shell's 404,000 barrels per day Pernis oil refinery was also supporting the market, traders said.
Shell said this week that it planned a "major shutdown" involving 12 units at Pernis in October and November. A recent string of fires at Shell's refineries, including Pernis, is expected to hit the oil and gas company's third-quarter profit and deal a setback to its efforts to improve the segment's performance.
Shell's refining downstream division was the driver of the Anglo-Dutch company's strong recovery in profits over the past year, as soaring demand for fuels offset a sharp drop in revenue from production of crude oil and natural gas amid a three-year price slump.
No eurobob gasoline barges traded in the afternoon window. Bids emerged at $562 a tonne fob ARA. Earlier in the day, some 6,000 tonnes of traded at $550-$551 a tonne fob Amsterdam-Rotterdam, up from $540 a tonne on Wednesday. BP sold to Gunvor, Shell and Varo. There were no trades, bids or offers of premium unleaded gasoline. Gunvor sold a cargo cif Thames to PetroIneos at $582 a tonne.
BP offered a cargo fob basis Rijeka at $571 a tonne, up from its offer at $558 a tonne the previous day. The November swap stood at $548.50 a tonne at the close, up from $533.50 a tonne. The benchmark EBOB gasoline refining margin fell to $8.46 a barrel from $9.12 a barrel. Brent crude futures were $1.30 higher at $57.10 a barrel at 1548 GMT. US front-month RBOB gasoline futures were up 3.2 percent at 1.6310 a gallon. The RBOB crack versus US crude was 6.16 percent higher at $17.41 a barrel.