Northwest European gasoline refining edged higher on Friday, boosted by firmer US values, but high supplies on both sides of the Atlantic capped further gains. Weak overseas buying particularly from US East Coast buyers after a sharp rise in stocks there last week were keeping gasoline barge margins in northwest Europe at bay.
ARA gasoline were little changed in the past week at 869,000 tonnes, according to Dutch consultancy PJK International. Farzad Askari, formerly a senior gasoline trader at Freepoint Commodities, has joined Italian oil company Eni's trading arm, four sources familiar with the matter said on Thursday. Commodities trader Trafigura said it has agreed to buy an oil refinery, over 250 service stations, a lubricants plant and fuel storage terminal in Argentina from Pampa Energia SA.
Gunvor sold to Shell a barge of eurobob gasoline at $594 a tonne fob ARA, up from $580 a tonne the previous day. Some 8,000 tonnes traded elsewhere at $589-$589.50 a tonne fob Amsterdam-Rotterdam, up from $577-$580 a tonne the previous day. Total, Interchem and Vitol sold to Gunvor. Shell sold to three barges of premium unleaded gasoline to Gunvor and BP at $605-$606 a tonne fob ARA, up from $591 a tonne.
The January swap stood at $593.50 a tonne at the close, up from $579.50 a tonne. The benchmark EBOB gasoline refining margin was edged higher to $6.68 a barrel from $6.32 a barrel at the previous close. Brent crude futures rose by $1.06 a barrel to $63.26 a barrel by 1637 GMT.
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