Gasoline refining margins in northwest Europe weakened on Thursday, tracking US benchmark prices after a continued build in stocks in the New York Harbour. Gasoline stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub fell by 10.7 percent in the week to Thursday, data from Dutch consultancy PJK International showed.
Exports from the region have accelerated in recent days, particularly to West Africa and Asia, where gasoline prices have strengthened significantly due to refinery outages. Demand from the United States was low owing to high inventories there, PJK's Jacob van den Berge said. US gasoline stocks rose last week by 3.9 million barrels, compared with analysts' expectations in a Reuters poll for a 1 million-barrel gain.
Water levels along the Rhine river have recovered in recent days due to rainfall, and barges going to Germany and Switzerland are now able to load around two thirds of capacity, operators Riverlake Barging said. Refinery maintenance in Europe, including at Exxon's 140,000-bpd Fos-sur-Mer oil refinery in France, has offered further support. Italian oil company Gruppo API will shut down its 85,000 barrel per day refinery at Ancona for three to four weeks starting February 16 for planned maintenance, its spokesman said on Thursday.
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