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LONDON, Jan 16 (Reuters) - Gasoline barge cracks innorthwest Europe languished at weak levels on Thursday, withlacklustre demand and a stock build in the United Statesweighing on the motor fuel. "It has not really been moving too much. It seems to havefound a top at $5 for February all day today," said one papertrader, referring to the crack swap. Gasoline stocks held at Europe's Amsterdam-Rotterdam-Antwerphub dropped 9.3 percent to 841,000 tonnes in the week toThursday, data from Dutch oil consultant Pieter Kulsenshowed. Kulsen said barge movements had beenlimited by the weak demand with most activity in cargo exports. That followed a 6.2 million-barrel weekly build in U.S.gasoline stocks reported by Energy Intelligence Administration(EIA) on Wednesday, more than a forecast increase of 2.5 millionbarrels. The largest rise came on the East Coast, which is anexport destination for European gasoline. "There is still some pressure after the big reported buildyesterday," said another swaps trader. Weak demand has hit European refiners, which cut processingruns and extended maintenance in the second half of 2013 asmargins sank and export markets shrank. Total said on Wednesday it had lost 500 million euros ($684million) last year at its strike-hit refining business inFrance. Petrochemical demand for naphtha was also weak, but crackswere supported by strong Asian margins due to tight supplies. Kulsen said naphtha stocks had risen in the week to Thursdaybut that this was partly capped by the use of propane as analternative feedstock for petrochemicals. "Propane/naphtha is at a discount," he said. GASOLINE * No barges of benchmark Eurobob gasoline traded in thePlatts window. * One barge traded ahead of the window at $919 a tonne fobARA, compared to a range of $916-$920 a tonne on Wednesday.Total sold to BP. * At the close, the February swap was trading at $921 atonne, down from $926 a tonne on Wednesday. * Total bought one barge of premium unleaded from Shell at$938 a tonne fob ARA, down from $942 a tonne on Tuesday. * By 1635 GMT, Eurobob's crack to dated Brent was at$1.880 a barrel, down from $1.756 a barrel on Wednesday. * Brent crude oil futures were down 13 cents at $107a barrel at 1619. * U.S. RBOB gasoline futures in New York were down0.37 percent at $2.6166 a gallon, and the prompt crack was at $15.90 a barrel. NAPHTHA * No cargoes traded in the window on Thursday. * The crack swaps was at minus $5.45 for January and minus$5.50 for February, a trader said.
22 Jan 2024 10:44
SDI promotes Chief Operating Officer Stephen Brown to chief executive
(Alliance News) - SDI Group PLC on Monday said its chief executive officer has stepped down, naming its chief operating officer as successor.
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