LONDON: Benchmark northwest European gasoline margins edged slightly higher but remained close to zero, as weak demand and rising inventories weighed.

US gasoline stocks rose by 1 million barrels last week to 238.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.6-million-barrel rise, Energy Information Administration data showed.

Refinery crude runs fell by 253,000 barrels per day in the last week, the EIA said. Refinery utilization rates fell by 0.8 percentage point in the week.

Lockdown measure across Europe were crimping demand for gasoline, which is primarily used as a motor fuel.

Naphtha, on the other hand, traded at a premium to gasoline on Wednesday, supported by demand from the petrochemical industry.

Naphtha typically trades at a discount to gasoline, and is used to blend into motor fuel.