Gasoline refining margins fell on Thursday after a sharp rise in stocks in the Amsterdam-Rotterdam-Antwerp hub. Gasoline stocks rose by 22.9 percent to their highest since late January in the week to Thursday, data from Dutch consultancy PJK International showed. Stocks rose on a slowdown in exports, particularly to the United States, where stocks last week hit a record high, PJK's Patrick Kulsen said.
But cargoes still found outlets in Asia Pacific, Latin America and West Africa. US gasoline stocks rose by 2.8 million barrels to a record 259 million barrels last week, data from the Energy Information Administration (EIA) showed on Wednesday. But the European market could find balance from refinery turnarounds which are expected to eat into supplies.
BP plans a full turnaround at its 90,000 barrels per day Lingen refinery in northwest Germany from mid-April to early June, according to a spokesman. Vitol sold a barge to Noble at $549 a tonne fob ARA and a barge to Phillips66 at $546 a tonne. The trades compare with bid and offer discussions at $557-$561 a tonne the previous day.
Earlier in the day, some 8,000 tonnes traded at $547-$560 a tonne fob Amsterdam-Rotterdam, down from $559-$559.50 a tonne fob on Wednesday. Shell sold to Vitol and Varo. Castleton sold to Gunvor one barge of premium unleaded gasoline at $570 a tonne fob ARA, down by $10 a tonne from trade levels the previous session. Gasoline barge refining margins fell to $11.74 a barrel from $12.17 a barrel. US front month RBOB gasoline futures were 1.96 percent lower at $1.5175 by 1643 GMT. The US gasoline crack stood at $10.86 a barrel, down from $11.65 a barrel.