Gasoline refining margins in northwest Europe inched higher on Thursday following stock draws in the ARA hub as well as the United States. Gasoline stocks in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub dropped 4.5 percent in the week to Thursday to their lowest level since November 2016, according to data from Dutch consultancy PJK International. US gasoline stocks dropped last week by 3.7 million barrels to 237.3 million barrels, according to the Energy Information Administration, a much larger draw than expected by analysts.
Gasoline exports from northwest Europe have steadily increased in recent days, with around 10 37,000 tonne cargoes booked to go to the US East Coast, West Africa and the Middle East, according to shipping data. Varo's 68,000 barrels per day Cressier refinery in Switzerland is fully operational following extensive maintenance, traders said. ARA barge demand into Switzerland has significantly eased in recent days as a result. Low water levels along the Rhine river also limited barge traffic and loadings were at around 70 percent of barge capacity, according to brokers Riverlake Barging. Naphtha buying from Asia remained limited due to a persistent oversupply in the region.
GASOLINE
No barges of Eurobob gasoline traded in the afternoon trading window but a bid was made at $499 a tonne fob ARA. Outside the window, some 8,000 tonnes of eurobob barges traded at $497-$501 a tonne fob Amsterdam-Rotterdam, compared with $495-$507 a tonne on Wednesday. Gunvor sold to Vitol and Trafigura, BP sold to Vitol. No barges of premium unleaded gasoline traded in the window, but an offer was seen at $512 a tonne fob ARA. The July swap stood at $504.50 a tonne at the close, up from $495.50 a tonne on Wednesday. Brent crude futures were up $1.03 a barrel at $48.82 a barrel at 1646 GMT. The benchmark ebob gasoline refining margin was at $11.70 a barrel, up from $11.62 a barrel.
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