Benchmark northwest European gasoline refining margins were little changed on Tuesday as trading activity remained muted. Barge operations in the port of Rotterdam remained disrupted after an oil spill in the port on Saturday, market participants said.
Some 30-40 tankers are stuck in the Botlek area of the port and need to be cleaned before proceeding. "It is yet unclear when the area will be opened for barge traffic," brokers Riverlake Barging said. Singapore refining margins, the benchmark for profitability among oil processors in Asia, fell to their lowest in two years, dragged down by lower gasoline margins as refiners have ramped up output after completing maintenance and as China stepped up exports.
Exports to West Africa continued to rise with around 800,000 tonnes expected to load in June, according to shipping data and traders. GASOLINE
No barges of Eurobob gasoline traded in the afternoon window. A bid emerged at $692 a tonne fob ARA, similar to trading levels the previous day.
Elsewhere, 6,000 tonnes of Eurobob gasoline traded in a range of $697-$698 a tonne fob Amsterdam-Rotterdam, compared with $694-$696 a tonne on Monday. Varo, Total and Van Raak sold to Gunvor and Shell.
AOT sold to Total two barges of premium unleaded gasoline at $700 a tonne fob ARA, compared with $699 a tonne the previous day. The June swap stood at $689 a tonne at the close, up from $687.50 a tonne. The benchmark EBOB gasoline refining margin rose marginally to $9.363 a barrel.