Gasoline refining margins in northwest Europe ended the week 15 percent higher boosted by low inventories and strong exports from the region. Gasoline stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp storage and refining hub fell by 6 percent to 923,000 tonnes in the week to Thursday on strong exports from the region, data from Dutch consultancy PJK International showed.
Refinery maintenance early next year is expected to be heavy in the Middle East, leaving to concerns over availability. Data from industry monitor Genscape showed 3.6 million tonnes of gasoline and reformate, a component used to make the motor fuel, leaving Europe for China, Singapore and the Middle East in the past two months. By some estimates the shipments were at least 20 percent above the same period last year. Several traders said roughly 1 million barrels per day loaded in the past week alone, bound for the Middle East and Far East.
Chinese, Indian and Iranian firms are discussing a partnership to invest between $7 billion and $10 billion to build a new oil refinery in the state of Maranhao in northeastern Brazil, a government official said on Friday. Negotiations over the refinery, with proposed capacity of 300,000 barrels per day, are ongoing between the companies and local officials, Oil and Gas Secretary Marcio Felix said.
Italy's Eni has asked a judge to lift a court order seizing measurement devices that is threatening to shut down its refineries in Italy, a spokesman for the oil major said. No barges of EBOB grade gasoline traded in the afternoon window, but bids emerged at $615 a tonne fob ARA, up from bids of $600 a tonne.
Some 4,000 tonnes traded elsewhere during the day at $612 a tonne fob Amsterdam-Rotterdam, up from $597-$601 a tonne the previous day. Shell and BP sold to Gunvor. No barges of premium unleaded gasoline traded. Offers emerged at $622 a tonne fob ARA, up from $607 a tonne.