LONDON, May 14 (Reuters) - Northwest European gasoline refining margins rose nearly $2 a barrel to $20.34 a barrel on Tuesday in heavy trading as summer gas season demand stays in high gear.
- A total of 5,000 metric tons of Eurobob E5 traded on Monday in the Argus window, with BP selling to Gunvor and Varo.
- Eurobob E10 liquidity was higher at 24,000 metric tons, with Shell selling to TotalEnergies.
- "Volumes of crude imports and exports rose in the United States month-over-month, driven by strong demand for gasoline domestically as well as jet fuel and petrochemical feedstocks worldwide," said Rohan Reddy, director of research at Global X.
- "This rise in flows ahead of the summer season illustrates strong demand growth during what’s typically a slow cyclical month for oil demand."
- U.S. crude oil stockpiles were expected to have fallen last week, while gasoline inventories likely rose, an extended Reuters poll showed on Tuesday.
- Eight analysts polled by Reuters estimated that crude inventories on average fell by about 500,000 barrels in the week to May 10 while gasoline stocks rose by 500,000 barrels.
- OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 on Tuesday and said world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025.
- Traders said this week that the end of peak refinery maintenance season in Europe was lifting production in Europe, and weighing on margins.
Trade Bid Offer Prev. Buyer Seller Ebob $839 $864 BP Varo BargesMOC Platts E5 (fob ARA)
Ebob Barges E10 Platts(fo b ARA) Ebob $854.50 $857.25 BP Gunvor Barges (4KT) (6KT) ArgusE5(fob AR)
Ebob $845.75 $852.50 Shell, Totsa Barges - (10KT) BP E10 Argus $851.25(fob AR) (24KT) June swap $833 $850.50 (fob ARA)
Premium $836 (2 $854-$8 Vitol, Totsa Unleaded barges) 61 (4 Petroin(fob ARA) barges) eos
Cargoes May $858 (fob MED) +$11 (SPB)Cargoes $906 (cif NWE) (Tees) Naphtha May +$6 (cif NWE)
Ebob crack (per barrel) $20.344 Prev. $18.819 Brent futures LCOc1 Rbob RBc1 Rbob crack RBc1-CLc1
- Forums
- Commodities
- News: Europe Gasoline/Naphtha-Gasoline cracks rise on summer demand
LONDON, May 14 (Reuters) - Northwest European gasoline refining...
Featured News
Featured News
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO
Charles Armstrong
CEO
SPONSORED BY The Market Online