Europe Gasoline/Naphtha-Cracks edge higher ahead of refinery outages

Reuters
2023-02-21

Feb 20 (Reuters) - Northwest European gasoline refining margins edged higher on Monday ahead of major European refinery turnarounds, but remained close to the average so far this month, which has fallen by almost 8% since January as a result of declining transatlantic shipments.

* Germany's Schwedt refinery, whose majority owner Rosneft Deutschland

has been put under trusteeship by the government, will undergo major maintenance in spring that will lower utilisation to less than half.

* The outage coincides with works at oil major Shell's Pernis refinery in Rotterdam from the start of March to the end of May.

* Gasoline cracks, however, remain capped by limited northwest European exports to the United States so far this month as a result of ample U.S. stocks, soaring freight rates, and inclement weather hitting U.S. demand, according to Refinitiv analysis.

* Refinitiv tracking shows just two medium-range $(MR)$ tankers provisionally booked on the transatlantic route this week compared with five a week earlier.

* Exports on the route to west Africa have also fallen.

* In northwestern Europe, gasoline stocks were stable near highs last seen in August as exports to the United States continue at a low level, according to Dutch consultancy Insights Global. .

Trades Bids Offers Prev. Sellers Buyers

(vol.) Trades

Ebob $785.75

Barges (3kt

MOC assessed

Platts )

E5

(fob

ARA)

<EUROBOB

-ARA>

Ebob $776.50-

Barges $782

E10 (6KT)

Platts(f

ob ARA)

Ebob $809.50 Shell Petroine

Barges (4KT) os

Argus

E5(fob

AR)

Ebob $800 Totsa, Exxon,

Barges (6KT) Shell Glencore

E10

Argus

(fob AR)

March $795.50 $780.75

swap fob

ARA

Premium $852-$8 $843-$84 Equinor Gunvor

Unleaded 53 4 , Totsa

(fob

ARA)

<PU-10PP

-ARA>

Cargoes

(fob

MED)

Cargoes

(cif

NWE)

Naphtha March

(cif +$5

NWE) to

<NAF-C-N +$8

WE>

Ebob crack (per barrel) $13.83 Prev. $11.35

Brent futures

Rbob

Rbob crack

(Reporting by Rowena Edwards; editing by Barbara Lewis)

((Rowena.Edwards@thomsonreuters.com;))

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