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Gasoline refining margins in northwest Europe dropped by over 4 percent in the week to Friday, their largest weekly drop in over a year, as exports to the US East Coast slowed and stocks rose. ARA gasoline stocks rose in the week to Thursday to their highest in six months, according to PJK International.
US gasoline stocks also rose last week, according to the EIA. Exports to the United States were limited due to rising stocks in the country and seasonally low consumption. The Middle East and Asia are however pulling in considerable amounts of gasoline and reformate in advance of heavy refinery maintenance early next year.
More than 500,000 tonnes have already sailed east this month from Europe, with close to 200,000 tonnes more set to load over the coming week. Colonial Pipeline Co has allocated space for Cycle 66 shipments on Line 1, its main gasoline line, the company said in a notice sent to shippers on Friday.
There were no trades of Eurobob gasoline in the afternoon trading window. Some 18,000 tonnes traded in the morning between $580-$589 a tonne fob Amsterdam-Rotterdam, compared with trades from $598 and $605 a tonne on Thursday. BP, Shell and NIC sold to Gunvor and Finco. Gunvor sold to Total two barges of premium unleaded gasoline at $590 and $591 a tonne fob ARA.
The December swap stood at $585 a tonne at the close, up from $579.50 a tonne. The benchmark EBOB gasoline refining margin declined to $8.27 a barrel from $9.535 a barrel. Brent crude futures rose $1.19 to $62.55 a barrel at 1638 GMT.

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