Gasoline refining margins in northwest Europe rose to their highest since late November after a drop in ARA stocks and a rise in exports from the region. ARA gasoline stocks fell in the week to Thursday by 5.5 percent, driven by exports from the region, particularly to the Middle East, Dutch consultancy PJK International said.
Global gasoline stocks built last week by 1.6 million barrels, led by strong build in the United States, but tracking the five-year average, according to Morgan Stanley. US gasoline stocks rose by 3.1 million barrels last week, according to Energy Information Administration data, compared with analysts' expectations in a Reuters poll for a 2.5 million-barrel gain.
Strong export demand to West Africa and the Middle East continue to give European gasoline prices a floor. The river Rhine in south Germany remained closed to shipping on Wednesday after a sharp rise in water levels, a German inland navigation authority official said.
Essar UK has closed its 200,000 barrel per day (bpd) Stanlow, Britain oil refinery for planned maintenance works until mid-March, sources told Reuters on Wednesday. GASOLINE No barges of eurobob gasoline traded during the afternoon trading window. Bids and offers were seen at $663-$665 a tonne fob ARA.
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