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Europe Gasoline/Naphtha-Gasoline cracks slide as overhang weighs

Tue, 09th Aug 2016 16:07

LONDON, Aug 9 (Reuters) - Gasoline refining margins innorthwest Europe fell for a second consecutive session to below$9 a barrel on Tuesday as overseas demand failed to ease apersistently high supply overhang on both sides of the Atlantic.

* While gasoline tanker bookings to West Africa and theUnited States have picked up in recent days, a big overhang inthe Atlantic basin is dampening prospects for a marketrebalance, traders said.

* Gasoline stocks held by European refiners in July were14.7 percent higher than a year earlier, data from industrymonitor Euroilstock showed on Tuesday, as plants sought tomaximise production.

* Nigerian state oil company managing director MaikantiBaru said he has "not been directed to increase pump price" forgasoline.

* Baru said the request for foreign currencies from gasolineimporters has been met, and the government supply is "robust"with more than 1.4 billion litres.

* Some importers had struggled to get the access to U.S.dollars needed to buy fuel, even after the central bank floatedthe naira currency in June.

* U.S. and Mexican refinery outages have been givinggasoline cracks a floor.

* Mexico has increased its gasoline buying in August to some600,000 tonnes due to refinery outages.

GASOLINE

* Gunvor sold to BP one barge of benchmark ebob gasoline inthe afternoon window at $440 a tonne fob ARA, down from $444 atonne on Monday.

* Some 20,000 tonnes traded throughout the day at $437-$441a tonne fob Amsterdam-Rotterdam, compared with $442.50 a tonneon Monday. Gunvor sold to Shell, Varo, and BP.

* Eleven barges of premium unleaded gasoline traded at $452a tonne fob ARA, down slightly from $453 a tonne. Rolympus andLitasco sold to Total.

* Gasoline barge refining margins fell to $8.87 a barrel,from $9.63.

* The September swap stood at around $444.50 a tonne at theclose, down from $446 a tonne.

* Brent crude oil futures were little changed at$45.42 a barrel by 1540 GMT.

* U.S. August RBOB gasoline futures were down 0.58 percent at 1.3541 a gallon.

* The U.S. gasoline crack was trading at $13.75 abarrel, down from $14.83 a barrel.

NAPHTHA

* No naphtha cargoes traded. (Reporting by Ahmad Ghaddar)

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