Gasoline refining margins in northwest Europe ended the week 18 percent lower at around $7.6 a barrel near a seven month low as overseas demand slows.
US buying is slow but exports to the East Coast were expected to increase as supplies in the New York Harbour have significantly tightened in recent days, traders said.
At the same time, exports to countries in the Middle East and Asia remain relatively high, supporting the market. Gasoline stocks in independent storage at the Amsterdam-Rotterdam-Antwerp hub were little changed in the week to Thursday at 804,000 tonnes, while naphtha stocks fell due to strong demand from European petrochemical buyers, data from Dutch consultancy PJK International showed.
China's oil refineries increased their run rates by 12.7 percent to a record for September, data showed on Thursday, after a major new state-run refinery launched operations and independent plants came back on stream after maintenance.
Global oil refining capacity might not meet demand for oil products after 2020 as consumption continues to grow, boosting profit margins, Roger Brown, chief executive of European refiner Varo Energy, said on Thursday. Gunvor sold to BP one barge of eurobob gasoline at $556 a tonne fob ARA, up from a trade at $551 a tonne on Thursday.
Earlier in the day, 6,000 tonnes traded at $549-$553 a tonne fob Amsterdam-Rotterdam, compared with $548.50-$558 a tonne. No barges of premium unleaded gasoline traded. Bids and offers were seen at a range of $568-$570 a tonne fob ARA. The November swap stood at $553.50 a tonne at the close, compared with $549.50 a tonne the previous day.