European gasoline margins rise on firmer demand

Northwest European gasoline refining margins rose into positive territory on Tuesday as more countries eased lockdown measures.

Arrivals of European gasoline to the United States are around 200,000 tonnes so far in May, Refinitiv Eikon data showed. In May 2019, exports for the whole month exceeded 2 million tonnes.

The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia's Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say.

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Cuts in capital spending forced upon energy companies as their revenues crumble could tighten supply enough to cause a spike in oil prices, making electric vehicles more attractive just as automakers ramp up production.

Britain's fuel demand was down 40-45% year-on-year in the past couple weeks, compared with a 65-70% decline earlier in the country's lockdown, the chairman of the Petroleum Retailers Association told Reuters on Monday.