LONDON, Jan 15 (Reuters) - Gasoline barge cracks innorthwest Europe fell on Wednesday, with a larger-than-expectedincrease in U.S. stocks of the motor fuel signalling weakerdemand for European imports, traders said. "Gasoline is not liking this gasoline build," said one swapstrader. "It is a big build again. We are building overseasonality so that is what weighs on European gasoline." Gasoline stocks rose 6.2 million barrels to 223 millionbarrels, according to Energy Intelligence Administration (EIA)data, more than a forecast increase of 2.5 million barrels. Thelargest rise came on the East Coast, which is an exportdestination for European gasoline and where inventories rose by3.4 million barrels. The builds add to pressure on European refiners, which cutprocessing runs and extended maintenance in the second half of2013 as margins 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. In new fixtures, Koch booked the Torm Mary for the U.S. EastCoast, shipping data showed. Repsol booked the Opal Express, thedata showed. A rare gasoline cargo also traded in the price assessmentwindow. Total sold to Greenergy at $946 a tonne cif Thames. In the Mediterranean, Trafigura offered a cargo and BP bidbut no deals were reported, one Med trader said. Algeria's state oil company Sonatrach has issued a tender tobuy 210,000 tonnes of premium unleaded gasoline in the firstquarter of 2014, traders said. The gasoline tender calls for twocargoes of 30,000 tonnes in January, three in February and twoin March. Petrochemical demand for naphtha was weak, but cracks weresupported by strong Asian margins due to tight supplies. "There is good Asian demand," said one naphtha trader. GASOLINE * One barge of benchmark Eurobob gasoline traded in thePlatts window at $925 a tonne fob ARA, up from $913 a tonne onTuesday. Total sold to Shell. * Five barges traded ahead of the window at $916-$920 atonne fob ARA, roughly unchanged on Tuesday. Total and Gunvorsold three barges to BP. Noble sold 2,000 tonnes to Gunvor.Shell sold 1,000 tonnes to Trafigura. * At the close, the February swap was trading at $926 atonne, up from $918 a tonne on Tuesday. * Total bought two barges of premium unleaded from Shell andVitol at $942 a tonne fob ARA, up from $933 a tonne on Tuesday. * One cargo traded in the window. Total sold to 18,000tonnes to Greenergy at $946 a tonne cif Thames. * By 1640 GMT, Eurobob's crack to dated Brent was at$1.666 a barrel, down from $1.972 a barrel on Tuesday. * Brent crude oil futures were up $1.12 at $107.51 abarrel at 1627. * U.S. RBOB gasoline futures in New York were up 0.57percent at $2.6374 a gallon, and the prompt crack wasat $16.39 a barrel. NAPHTHA * One cargo traded in the window on Wednesday. Gunvor soldto Vitol at $913 a tonne cif NWE for delivery Jan. 27-31. * The prompt crack was $4.71 a barrel, according to Reuterscalculations.
BP softens tone on 2030 oil output cut to reassure investors
LONDON, May 8 (Reuters) - BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals.
Read more