Europe Gasoline/Naphtha-Gasoline margins drop after large US stocks build
LONDON, Jan 15 (Reuters) - Northwest European gasoline refining profit margins dropped by over $1.50 to $4.25 a barrel on Wednesday after data showed a large build in U.S. inventories while demand weakened.
About 6,000 metric tons of Eurobob E5 barges traded in the Argus window. Shell sold to Gunvor and Mabanaft.
A further 3,000 tons of E10 gasoline traded. TotalEnergies and ExxonMobil sold to Varo and Mabanaft.
U.S. gasoline stocks rose by 5.9 million barrels last week to 243.6 million barrels, EIA data showed, compared with analysts' expectations for a 2 million-barrel build.
Gasoline supplied, a proxy for demand, fell to 8.33 million barrels per day last week, down from 8.48 million bpd.
EU-27 and UK gasoline exports reached 948,000 bpd in December, Kpler data showed, down from 1.17 million bpd in November. Kpler pegs January exports at 618,000 bpd.
OPEC forecast on Wednesday world oil demand in 2026 will rise at a similar rate to this year, while reducing its figure for 2024 for a sixth time, following economic weakness in China, the world's biggest importer of oil.
| Trade | Bid | Offer | Prev. | Seller | Buyer |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | $739.50 | $725 | BP | Varo | ||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $724-$727.50 | $722.25 (4KT) | Shell | Mabanaft, Gunvor | ||
Ebob Barges E10 Argus (fob AR) | $721, $722 | $719.75 (8KT) | Total, Exxon | Mabanaft, Varo | ||
Feb. swap (fob ARA) | $739.50 | $728 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | ||||||
Cargoes (fob MED) | Feb -$2 | |||||
Cargoes (cif NEW) |
| |||||
Naphtha (cif NEW) NAF-C-NWE | Jan - $1 | Jan - $1 |
Ebob crack (per barrel) | $4.25 | Prev. $6.02 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
(Reporting by Ron Bousso in London; Editing by Nia Williams)
((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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