Europe Gasoline/Naphtha-Gasoline cracks edge lower

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- Northwest European gasoline refining margins slightly declined Thursday to about $22.1 a barrel following a surprise rise in U.S. stocks.

  • 8,000 metric tons of summer Eurobob E5 were traded, while no E10 barges changed hands.

  • More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in an analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts.

  • Russia's Kuibyshev mid-sized oil refinery near the city of Samara on the Volga River has halted all production following damage from a Ukrainian drone attack last week, two industry sources told Reuters on Thursday.

  • U.S. crude oil and gasoline inventories rose unexpectedly last week, driven by higher crude imports and sluggish gasoline demand, the Energy Information Administration said on Wednesday.

  • U.S. gasoline stocks rose by 1.3 million barrels in the week to 232.1 million barrels, the EIA said, as gasoline demand fell by about 94,000 barrels per day.

  • "Despite market chatter of significantly decreased European supply in the coming weeks and months thanks to turnarounds at European refineries, much of this is well priced in already," analysts at Sparta Commodities said.

  • "The impact on gasoline supply is likely to be at least partly mitigated by a softening of the distillates complex, with gasoline cracks now decidedly higher than diesel through April," they added.

  • European gasoline exports were set to reach about 980,000 barrels per day in March, according to Kpler data, down from 1.19 million bpd in February.





Trade

Bid

Offer

Prev.

Buyer

Seller

Ebob Barges MOC Platts E5

(fob ARA)

EUROBOB-ARA


$907






Ebob Barges E10 Platts(fob ARA)








Ebob Barges Argus E5(fob AR)


$911.25-$914.25



$909.25-$911.50 (6KT)

Total, Glencore

Varo, Litasco, Trafigura

Ebob Barges E10 Argus (fob AR)

$904.50 (assessed)



$897.75 (4KT winter; 10KT summer)



Apr. swap (fob ARA)

$908.75



$898.25



Premium Unleaded (fob ARA)

PU-10PP-ARA

$927-$930



$909-$918

Shell

Varo, Trafigura

Cargoes

(fob MED)


April +$4, +$5





Cargoes (cif NWE)







Naphtha

(cif NWE)

NAF-C-NWE


April +$15

April +$15

April +$17




Ebob crack (per barrel)

$22.17

Prev. $22.50

Brent futures

LCOc1

Rbob

RBc1

Rbob crack

RBc1-CLc1


(Reporting by Ron Bousso; editing by Tasim Zahid)

((Ron Bousso

email: ron.bousso@thomsonreuters.com

Twitter: https://twitter.com/ronbousso1

Tel.: +44 (0)207 542 2161

Reuters Messaging: ron.bousso.reuters.com@reuters.net))

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