Northwest European gasoline refining margins rose slightly on Thursday as crude prices slumped and ARA gasoline posted a decline. ARA gasoline dropped 2.5 percent to 1.34 million tonnes in the week to Thursday as exports rose, according to data from Dutch consultancy PJK International. Global gasoline stocks however remained above the five-year average as refineries continued to run at high rates in order to meet diesel demand.
US gasoline stocks rose by 513,000 barrels, compared with analyst expectations in a Reuters poll for a 1.6 million-barrel gain, the Energy Information Administration said on Wednesday. US weekly gasoline output was down 48,000 barrels per day (bpd) to 9.86 million bpd, the EIA said. Two cargoes of gasoline were booked from northwest Europe to Brazil and West Africa in recent days, shipping data showed.
At least three 60,000 tonne cargoes of gasoline were booked out of northwest Europe to the Middle East for loading in the first half of February, shipping data showed. Overall exports remained weak with few cargoes booked on the transatlantic route so far this month, traders said. Average Singapore refinery profit margins on Monday fell to their lowest levels since 2010 as fuel markets struggle with oversupply while feedstock crude oil prices are near 2019 highs.
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