Europe Gasoline/Naphtha-Gasoline margins slump as ARA stocks hit record high

Reuters
10 Jan

LONDON, Jan 9 (Reuters) - Northwest European gasoline refining profit margins fell by over $1 to $5.39 a barrel on Thursday, marking the lowest level in over a month, as independently held ARA inventories reached all-time highs.

* About 2,000 metric tons of Eurobob E5 barges traded. Shell sold to Gunvor.

* A further 4,000 tons of E10 gasoline traded. TotalEnergies sold to Varo.

* In the Platts window, BP offered a cif Thames gasoline cargo at $744 per metric ton, though no trades were agreed as buyers were not forthcoming.

* In the Platts Mediterranean gasoline window, Trafigura offered a cargo, while BP and Vitol sought cargoes. No trades were reported.

* ARA gasoline stocks rose by 8.5% on the week to 1.53 million tons, marking the highest level on record.

* Weaker exports helped prop up gasoline stocks, as shipments on the transatlantic route to the U.S. slowed, Insight Global's Lars van Wageningen said.

* New shipping fixtures appeared this week for transatlantic and African destinations, which could point to rising exports in the coming weeks, Lars van Wageningen said.

* EU-27 and UK gasoline exports reached 912,000 barrels per day in December, Kpler data showed, down from 1.17 million bpd in November.

Trade Bid Offer Prev. Seller Buyer

Ebob Barges

MOC Platts

E5

(fob ARA)

<EUROBOB-AR

A>

Ebob Barges

E10 Platts

(fob ARA)

Ebob Barges $694.75 $700-$7 Shell Gunvor

Argus E5 (2KT) 03

(fob AR)

Ebob Barges $692.75 $700.75 TotalEn Varo

E10 Argus (4KT) -$703.2 ergies

(fob AR) 5

Feb. swap $705.25 $705.50

(fob ARA)

Premium

Unleaded

(fob ARA)

<PU-10PP-AR

A>

Cargoes Fob Fob

(fob MED) Med - Med +

$1 $1.50

Cargoes $744

(cif NWE) flat

price

Naphtha Jan - Jan - Jan -

(cif NWE) $5 $3 $2

Ebob crack (per barrel) $5.71 Prev. $7.39

Brent futures

Rbob

Rbob crack

(Reporting by Enes Tunagur;Editing by Elaine Hardcastle)

((Enes.Tunagur@thomsonreuters.com;))

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