Gasoline refining margins in northwest Europe regained some ground on Thursday as demand in West Africa helped to offset a lack of interest in the United States. Demand in West Africa continued to underpin gasoline margins in Europe, with at least two new tankers booked by Thursday. Several refineries, including Bayernoil in Germany, Lavera and Stanlow are planning spring maintenance turnarounds.
The works, along with heavy turnarounds in Asia and the Middle East, are expected to keep margins strong through the spring. US demand has been sluggish despite an unexpected 2-million-barrel drop in US gasoline stocks. Oil product stocks in the Amsterdam-Rotterdam-Antwerp hub hit 5.922 million tonnes, the highest since early September, data from Dutch consultancy PJK International showed on Thursday.
The increase was driven primarily by gasoil, which jumped 5 percent to 3.012 million tonnes. China's exports of refined fuel products will rise by 4 percent this year to 41 million tonnes, state-run firm Sinopec said in its annual oil and gas sector outlook released on Thursday. Angolan state oil company Sonangol will award a rare tender for refined fuels by mid-February in a move that will widen the number of traders in the Opec member's domestic market.
Vitol sold to Gunvor barges of eurobob gasoline at $659 and $662 a tonne fob ARA during the afternoon trading window, compared with trades at $655 a tonne the previous session. During the morning, barges traded at $671-$672 a tonne fob Amsterdam-Rotterdam, and at $666.50-$667 a tonne during the afternoon. This compared with trades at $647-$656 a tonne the previous day. Litasco, Hartree, NIC, BP, Vitol and Varo sold to Total, BP and Trafigura.
Statoil and Varo sold barges of premium unleaded gasoline to Total at $677 a tonne fob ARA, the same level as the previous session. The March swap stood at $659 a tonne at the close. The benchmark EBOB gasoline refining margin rose to $10.25 a barrel from $8.82 a barrel. Brent crude futures were 30 cents higher at $69.19 a barrel by 1656 GMT.
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