Gasoline refining margins in northwest Europe were little changed on Friday, holding near a one-month high of $13.70 a barrel, boosted by lower Atlantic basin stocks. High profit margins and a surge in exports will keep Europe's refineries running full tilt into the autumn, helping to eat into some of the Atlantic Basin's excess crude oil.
More than half a million tonnes of Europe's gasoline sailed for West Africa in the week to July 14 alone, according to industry monitor Genscape, adding to the more than 2 million tonnes that sailed in June. Total's 230,000 bpd Leuna oil refinery in Germany fully restarted this week after planned maintenance and a fire in a distillation column on May 17, the company said in a statement.
Monroe Energy has delayed a refinery-wide shutdown at its 185,000 bpd plant outside Philadelphia from the spring to autumn of 2018, said two sources familiar with the plant's operations. No barges of Eurobob gasoline traded in the afternoon trading window. Bids emerged at $510 a tonne fob ARA, down from bids at $519 on Thursday.
Outside the window, 8,000 tonnes of Eurobob barges traded at $511-$520.50 a tonne fob Amsterdam-Rotterdam, compared with trades at $520-$523.50 a day earlier. BP sold to Varo and Finco and Gunvor sold to Shell. Castleton sold to Total one barge of premium unleaded gasoline at $519 a tonne fob ARA, down from $529 a tonne. The August swap stood at $512 a tonne at the close, down from $521 a tonne. Brent crude futures were down 71 cents at $48.59 a barrel at 1542 GMT. The benchmark ebob gasoline refining margin stood at $13.70 a barrel, broadly stable.
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