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UK Money News


Europe Gasoline/Naphtha-Cracks ease after U.S. stocks build

Wed, 5th Oct 2016 17:41


LONDON, Oct 5 (Reuters) - Gasoline refining margins in northwest Europe eased on Wednesday after data showed a build in U.S. weekly inventories. Prices were however underpinned by firm export demand.

* U.S. gasoline stocks rose by 222,000 barrels last week, compared with analyst expectations in a Reuters poll for a 702,000-barrel gain, according to the U.S. Energy Information Administration.

* Demand for exporting gasoline from Europe was underpinning margins, with traders booking cargoes this week to the United States on fears that Hurricane Matthew's may disrupt refinery operations there.

* Nigeria is also importing more gasoline as a result of a resumption in exports of crude oil streams that had been closed, enabling the country to swap more oil for gasoline.

* Cepsa said it is planning November maintenance work on a platformer unit at its 250,000 barrel per day Algeciras oil refinery in Spain.

* The work is likely to last November 1-21, according to traders.

GASOLINE

* Gunvor sold a barge of benchmark Eurobob gasoline to Shell at $511 a tonne fob ARA. This compared with bids on Tuesday at $509 a tonne.

* Elsewhere during the day, Gunvor sold to Total a eurbob barge at $521 a tonne fob Amsterdam-Rotterdam, compared with trades at $512-$515 a tonne the previous day.

* Rolympus sold seven barges of premium unleaded gasoline to Shell and Total at $525-$527 a tonne fob ARA, up from deals at $522-$525 a tonne on Tuesday.

* The November swap stood at $495 a tonne at the close, up from $493 a tonne.

* Gasoline barge refining margins fell to $11.49 a barrel from $11.77 on Tuesday.

* Brent crude oil futures for December delivery were up 99 cents a barrel at $51.86 by 1557 GMT.

* U.S. November RBOB gasoline futures were little changed at $1.4981 a gallon.

* The U.S. gasoline crack was trading at $13.19 a barrel, up from $11.90 a barrel.

NAPHTHA

* No cargoes traded.

(Reporting by Ahmad Ghaddar, editing by Libby George)



(c) Copyright Thomson Reuters 2016. Click For Restrictions - http://about.reuters.com/fulllegal.asp




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