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Share Price Information for BP (BP.)

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Share Price: 510.40
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Europe Gasoline/Naphtha-Gasoline cracks slide as crude jumps

Thu, 11th Aug 2016 16:09

LONDON, Aug 11 (Reuters) - Gasoline refining margins innorthwest Europe extended their losses on Thursday, slidingbelow $8 a barrel for the first time since late July, as asupply overhang continued to weigh and as crude prices jumped.

* Europe gasoline exports have been ticking along, but notat a rate high enough to soak up excess supplies, traders said.

* Oil prices rose over 3 percent after comments from theSaudi oil minister about possible action to stabilize pricestriggered a round of buying and the International Energy Agencyforecast crude markets would tighten in the second half of 2016.

* Gasoline stocks independently held in the ARA storage hubfell for a third straight week, dropping more than 5 percent inthe week to Thursday as overseas demand for the motor fuel grew,Dutch consultancy PJK International said.

* Several gasoline tankers left the region in recent daysfor the United States, Mexico, Brazil, and to West and NorthAfrica, PJK's Patrick Kulsen said.

* U.S. gasoline stocks were also down, falling2.8 million barrels last week.

* But gasoline imports to the U.S. East Coast (PADD1) rosesharply last week to 794,000 barrels per day, up nearly 200,000bpd from the previous week.

GASOLINE

* There were no Eurobob trades during the afternoon tradingwindow, but bids came in at $437 a tonne fob ARA, compared witha trade the previous day at $428 a tonne.

* Some 14,000 tonnes traded throughout the day at $422-$439a tonne fob Amsterdam-Rotterdam, compared with $437-$443 atonne. Gunvor and Total sold to Shell and Rolympus.

* Four barges of premium unleaded gasoline traded at$458-$460 a tonne fob ARA, up from $442 a tonne. Rolympus andVitol sold to Total.

* Gasoline barge refining margins fell to $7.45 a barrel,from $9.30 a barrel.

* The September swap stood at around $445.50 a tonne at theclose, up from $433 a tonne.

* Brent crude oil futures were up $1.55 to $45.60 abarrel by 1542 GMT.

* U.S. August RBOB gasoline futures were up 3.27percent at 1.3440 a gallon.

* The U.S. gasoline crack was trading at $13.25 abarrel, up slightly from $13.10 a barrel.

NAPHTHA

* BP sold to Koch at $355 a tonne cif NWE. (Reporting by Ahmad Ghaddar)

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*

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