Europe Gasoline/Naphtha-Gasoline cracks rise despite inventory build

Reuters
2024-10-25

LONDON, Oct 24 (Reuters) - Northwest European gasoline refining margins rose by about $1 to $10.47 a barrel on Thursday as underlying crude prices softened, and even as inventories of the motor fuel rose on both sides of the Atlantic.

* A total of 14,000 metric tons of Eurobob E10 barges traded in the Argus window, up from 10,000 tons on Wednesday, with Trafigura and TotalEnergies selling to Trafigura and Varo.

* Another 4,000 tons of Eurobob E5 traded as Varo sold to Litasco and Mabanaft.

* Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp $(ARA)$ refining and storage hub rose by 5% in the week to Thursday, data from Dutch consultancy Insights Global showed.

* Gasoline stocks rose by 5%, their highest since June 2024, due to higher blending activity in the hub to support stronger exports to the U.S. East Coast and West Africa, Lars van Wageningen of Insights Global said.

* U.S. gasoline stocks rose last week by 0.9 million barrels to 213.6 million barrels, EIA data showed, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel draw.​

* U.S. oil refiners' third quarter profits are expected to fall from last year on weakening margins as fuel demand softened and new refining capacity came online, energy analysts said.

* EU and UK gasoline exports are set to reach 742,000 barrels per day this month, according to the latest data from Kpler, compared with 1 million bpd in September.

Trade Bid Offer Prev. Seller Buyer

Ebob

Barges

MOC

Platts E5

(fob ARA)

<EUROBOB-

ARA>

Ebob

Barges

E10

Platts

(fob ARA)

Ebob $712.25 $717.50 Varo Litasco

Barges (4KT) , $720 ,

Argus E5 Mabanaf

(fob AR) t

Ebob $703.50 $710.25 Trafig Varo,

Barges (14KT) -$716.5 ura, Trafigu

E10 Argus 0 Total ra

(fob AR)

Nov swap $678 $683.50

(fob ARA)

Premium

Unleaded

(fob ARA)

<PU-10PP-

ARA>

Cargoes Nov +$29 Saras BP

(fob MED) (Castell

on)

Cargoes

(cif NW

E)

Naphtha Nov +$2 Nov

(cif NW -$2.5

E)

<NAF-C-NW

E>

Ebob crack (per barrel) $10.47 Prev. $9.50

Brent futures

Rbob

Rbob crack

(Reporting by Ahmad Ghaddar;Editing by Elaine Hardcastle)

((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))

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