Gasoline cracks regained some ground in northwest Europe after ending the week at a six-week low. While exports to West Africa underpinned the market, demand overall had slowed, limiting price gains. Traders said as much as 2 million tonnes had left Europe for West Africa in February, with an additional 1 million heading to the United States. But fresh demand had faltered, and stocks also remained elevated in Europe and the United States.
ARA gasoline stocks are at a 19-month high according to PJK International, while US gasoline stocks rose by 261,000 barrels last week. While the Middle East and Asia have a large amount of refinery closures in the coming weeks, most buyers had already stocked up on product.
China's gasoline exports in January were 100,000 bpd higher year on year, a 67 percent rise, according to JBC Energy. Diesel exports rose by 80,000 bpd, or 33 percent, while jet oil exports climbed by 8 percent, or 15,000 bpd. Saudi Arabia's annual consumer price inflation jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices at the start of the year, official data showed on Sunday. Vitol sold a barge of eurobob gasoline to Gunvor at $609 a tonne fob ARA, up from $599 a tonne on Friday.
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