Europe Gasoline/Naphtha-Gasoline margins end week higher
LONDON, Sept 20 (Reuters) -Northwest European gasoline refining margins were little changed on the day on Friday, but were around 17% higher at the end of the previous week.
One 2,000 Eurobob E10 barge traded in the Argus window on Friday, which Sahara sold to Vitol.
Another 8,000 tons of Eurobob E5 traded as Gunvor and Glencore sold to Trafigura.
Northwest European gasoline margins dropped 6 cents on the day to around $11 a barrel on Friday. That is up from around $9.41 a barrel a week earlier on Sept. 13.
Crack spreads rose on the week as a rise in stocks in Northwest Europe was offset by a lower-than expected rise in U.S. stocks, according to LSEG analyst Abdul Hadhi.
"Even as stocks in the ARA hub were higher, a less-than-expected rise in inventories in the key US market saw the front month EBOB crack rising," he said.
Independently held gasoline stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by about 7.7% on the week to 989,000 tons as exports and blending activity slowed, Insights Global's Rick Veringmeier said on Thursday.
Meanwhile, U.S. gasoline stocks USOILG=ECI rose by 100,000 barrels last week to 221.6 million barrels, the Energy Information Administration said, less than forecasts in a Reuters poll for a 200,000-barrel build.
But by contrast, refining margins averaged around $21.58 a barrel in September 2023.
Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | ||||||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $722.25 (14KT) | |||||
Ebob Barges E10 Argus (fob AR) | $716.75 (8.5KT) | |||||
Oct swap (fob ARA) | $692.25 | $696.25 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $710 | $732 | ||||
Cargoes (fob MED) | ||||||
Cargoes (cif NW E) | ||||||
Naphtha (cif NW E) NAF-C-NWE | Balmo Sep -$8 | 1H Oct +$7 |
Ebob crack (per barrel) | $11.00 | Prev. $11.06 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Robert Harvey; Editing by Krishna Chandra Eluri
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