Gasoline refining margins in northwest Europe fell sharply on Thursday, weighed down by rising inventories on both sides of the Atlantic. Gasoline stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub rose by 5.34 percent in the week to Thursday, data from Dutch consultancy PJK International showed.
Stocks rose as high import flows and local production in the storage and refining hub outstripped exports to other regions including North America and the Middle East, PJK's Patrick Kulsen said. US gasoline stocks rose by 6.8 million barrels last week, data from the Energy Information Administration on Wednesday.
Prices for US renewable fuel credits used to meet the country's biofuels standards dropped to the lowest levels since November 2015 earlier this week, extending a decline that began after a government freeze on regulatory enforcement.
Barge loading capacity and traffic along the Rhine river remained limited due to extremely low water levels on the key trading route. Access to upper Germany and Switzerland was particularly limited, traders and brokers said.