LONDON: Gasoline refining margins in northwest Europe firmed slightly on Tuesday, buoyed by strong Nigerian demand and a recovery in US prices that could prompt more European exports.
At least two tankers were provisionally booked to load gasoline in Europe in late December to go to west Africa, according to shipping reports.
Nigeria's rush to keep its citizens supplied with fuel is expected to boost purchases of European gasoline in December, offering a potential respite to European refineries and storage terminals threatened by an oversupply that has battered margins.
New cargo bookings to go to the Americas also emerged as traders take advantage of a recent boost in US prices.
US prices have been rising amid refinery upsets including at Exxon Mobil's 238,600 barrels-per-day Joliet plant, and Citgo's Corpus Christi refinery in Texas.
But the end of maintenance at Europe's largest oil refinery capped further gains.
Shell on Tuesday said it was restarting units at its 404,000 bpd Pernis oil refinery in Rotterdam after a planned maintenance.
The major said in October maintenance at the refinery was scheduled on 12 units in October and November.
Industry monitor Genscape said a 200,000 bpd crude distillation unit restarted on Monday.
GASOLINE
No barges of eurobob gasoline traded during the afternoon session. Bids emerged at up to $596 a tonne fob ARA, $2 a tonne higher than bids the previous session.
Total sold 8,000 tonnes to Gunvor elsewhere during the day at $593.50 a tonne fob Amsterdam-Rotterdam, up slightly from trades at $591 a tonne on Monday.
Gunvor sold to Total nine barges of premium unleaded gasoline at $593 a tonne fob ARA, down from $601 a tonne on Monday.
The January swap stood at $591.50 a tonne at the close up from $590.00 a tonne.
The benchmark EBOB gasoline refining margin rose to $6.24 a barrel from $5.90 a barrel at the previous close.
Brent crude futures were up 6 cents at $63.47 a barrel by 1636 GMT.
US front-month RBOB gasoline futures were up 0.74 percent at $1.6848 a gallon.
The RBOB crack versus US crude was up 4.05 percent at $13.62 a barrel.
Comments
Comments are closed.