Gasoline refining margins climbed on Thursday, supported by rising export activity to West Africa and the United States. Gasoline stocks in independent storage at the Amsterdam-Rotterdam-Antwerp hub fell slightly week-on-week as exports to West Africa and the United States picked up, data from Dutch consultancy PJK International showed. US President Donald Trump said that his administration may allow the sale of gasoline containing 15 percent ethanol year-round in a bid to help corn farmers.
The Environmental Protection Agency currently bans the higher ethanol blend, called E15, during summer because of concerns it contributes to smog on hot days. PetroChina's 200,000 barrels-per-day Sichuan refinery began a 60-day maintenance on April 8, in its first major overhaul since it started operation four years ago, according to a statement from parent company CNPC. There were no trades or offers of eurobob gasoline during the afternoon trading window. One bid emerged at $679 a tonne fob ARA, down from $687 a tonne on Wednesday.
Elsewhere, Glencore sold two barges, one to BP and another to Shell at $683 and $682 a tonne fob ARA, respectively. This compares with a trade at $674 a tonne the previous day. Statoil sold to Total a barge of premium unleaded gasoline at $688 a tonne fob ARA. No cargoes traded. BP bid fob Italy at $678 a tonne , but Total BP bid fob Italy at $687 a tonne and Total fob Rijeka at $682.50 a tonne.
The May swap stood at $683.50 a tonne at the close, compared with $690.50 a tonne the previous day. The benchmark EBOB gasoline refining margin rose to $9.547 a barrel from $8.516. Brent crude futures were 39 cents a tonne lower at $71.67 a barrel at 1612 GMT.