Europe Gasoline/Naphtha-Gasoline refining margins drop on stockbuilds

Reuters
01/24
Europe Gasoline/Naphtha-Gasoline refining margins drop on stockbuilds

.

LONDON, Jan 23 (Reuters) - Northwest European gasoline refinery profit margins fell by $2.21 to $8.31 a barrel on Friday on high stocks.

  • About 16,000 metric tons of Eurobob E5 gasoline traded on barges in the Argus window, as ExxonMobil, Equinor, TotalEnergies and Glencore sold to BP, Shell and MB Energy.

  • Another 10,000 tons of Eurobob E10 cargoes traded with Phillips 66 selling to both Shell and Varo.

  • Gasoline inventories in the U.S. rose by about 5.98 million barrels last week to 256.99 million barrels, the highest since February 2021, data from the Energy Information Administration showed.

  • While the market was in contango due to seasonally weak demand, it was also bracing for what could be a tight balance once the next round of refinery maintenance takes supply out of the market amid demand ramping up seasonally in the second quarter, analysts at Sparta Commodities said.

  • Meanwhile, EU-27 and UK gasoline and blending component exports to other regions have averaged 858,000 barrels per day so far in January, against 824,000 bpd over the whole of December.

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 ARA)

$622.00-$624.75 (16 KT)

$626.50 (8KT)

ExxonMobil, Equinor, TotalEnergies and Glencore

BP, Shell, MB Energy

Ebob Barges E10 Argus (fob ARA)

$616.75 (10 KT)

$622 (8KT)

Phillips 66

Shell, Varo

Feb. swap (fob ARA)

$634.50

$628.75

Premium Unleaded (fob ARA)

PU-10PP-ARA

Cargoes

(fob MED)

Cargoes (cif NWE)

Naphtha

(cif NWE)

NAF-C-NWE

Ebob crack (per barrel)

$8.31

Prev. $10.52

Brent futures

LCOc1

Rbob

RBc1

Rbob crack

RBc1-CLc1

(Reporting by Seher Dareen in London)

((seher.dareen@thomsonreuters.com ))

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