LONDON, Aug 7 (Reuters) - Northwest European gasoline refining margins dropped by around 90 cents to $13 a barrel on Wednesday following a surprise, large rise in U.S. inventories.
- Two Eurobob E10 barges traded in the Argus window, with Varo and Musket selling to TotalEnergies and Mabanaft.
- Three barges of Eurobob E5 traded in the Argus window. Shell and Petroineos sold to Exxon, Mabanaft and BP.
- U.S. gasoline stocks rose by 1.3 million barrels last week to 225.1 million barrels, EIA data showed, compared with expectations for a 1 million-barrel draw.
- Economics for gasoline exports from Europe to the U.S. East Coast remain weak, Sparta Commodities analyst Philip Jones-Lux said in a note.
- At the same time exports from the U.S. Gulf Coast remain high, putting further pressure on European gasoline, he added.
- "Gasoline exports from Northwest Europe and West Mediterranean reached a 6-month high of 3.48 million tons in July after averaging between 2.5 million tons and 2.8 million tons in the previous five months, as summer driving season grew requirements from the US," LSEG analyst Abdul Hadhi said.
Trade Bid Offer Prev. Seller Buyer EbobBarges MOC Platts E5 (fob ARA)
Ebob Barges E10 Platts(fo b ARA) Ebob $763.50 $766.50 Shell, Exxon, Barges PetroIn MabanaArgus eos ft, BP E5(fobAR)
Ebob $762, $757.75 Varo, Total, Barges $774.50 -$765.5 Musket Mabana E10 Argus 0 ft (fob AR)Sept swap $775.75 $761.25 (fob ARA)
Premium $788 $774 $778 $770-77 Litasco Trafig Unleaded 1 (7 ura (fob ARA) barges)
Cargoes FOB Med (fob MED) cargo BL+5 +$9.00 bss Agioi Theodor oi Cargoes $805 $810 (cif NW (ThamesE) ) Naphtha (cif NW E)
Ebob crack (per barrel) $13.07 Prev. $13.93 Brent futures LCOc1 Rbob RBc1 Rbob crack RBc1-CLc1
