Benchmark northwest European gasoline refining margins firmed on Thursday, supported by a big draw in US stocks last week and rising demand. US gasoline stocks were down sharply last week, falling by 3.8 million barrels, according to US Energy Information Administration data. Gasoline demand is up 0.7 percent from last year over the past four weeks to 9.4 million barrels per day (bpd) and demand is expected to rise in the summer driving season.
Total oil product stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by over 10 percent in the week to Thursday to around 5.5 million tonnes, data from Dutch consultancy PJK International showed. High imports outweighed gasoline exports from the region during the week, leading to a 4 percent rise in stocks.
Western naphtha shipments to Asia are likely to hit their lowest in three months in June at around 1.1 million tonnes, crimped by refinery maintenance in Europe. No EBOB barges traded in the afternoon trading window, but a bid emerged at $765 a tonne fob ARA, up from a bid at $744 the previous session. Elsewhere, 8,000 tonnes of eurobob gasoline traded on barges at $757-$759 a tonne fob ARA, up from $739-$742.5 a tonne the previous day.
Total bought four barges of premium unleaded gasoline at $766 a tonne fob ARA, up from a trade at $748 a tonne on Wednesday. Gunvor, Statoil and Shell sold. The June swap stood at $764.25 a tonne at the close, up from $742.50 a tonne on Wednesday.
The benchmark EBOB gasoline refining margin rose to $9.771 a barrel from $8.852. Brent crude futures were up over $1 at $80.29 a barrel by 1550 GMT.
Comments
Comments are closed.