Benchmark northwest European gasoline refining margins fell on the back of muted demand and a sharp rise in crude prices. Barge activity was largely muted throughout the day with volatility on crude prices throughout the day keeping market participants on the sidelines, traders said.
Gasoline stocks slightly declined to 1.042 million tonnes in the week to Thursday, data from Dutch consultancy PJK International showed.
The world's largest independent oil trading house Vitol is hiring Mike Muller, the former head of crude oil trading at Royal Dutch Shell and once one of Vitol's biggest rivals, a source familiar with the matter said. No barges of Eurobob gasoline traded in the afternoon window. Elsewhere, 8,000 tonnes of Eurobob gasoline traded in a range of $723-$736.50 a tonne fob Amsterdam-Rotterdam, compared with $723 a tonne the previous day. Varo, BP, Total and Mabanaft sold to Gunvor and Shell.
AOT sold to Total two barges of premium unleaded gasoline at $743-$744 a tonne fob ARA, up from $729 a tonne the previous day. The July swap stood at $730.25 a tonne at the close, up from $714.00 a tonne. The benchmark EBOB gasoline refining margin fell to $8.754 from $9.58 a barrel. Brent crude futures were up $1.61 a barrel at $79.46 a barrel by 1546 GMT.
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