Europe Gasoline/Naphtha-Cracks slip as Europe and U.S. stay well supplied

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 17 (Reuters) - Northwest European gasoline refining margins slipped on Friday as stocks in Europe were steady and rose unexpectedly in the United States this week, while crude prices remained range-bound, caught between China re-opening optimism and rate hike jitters.


* Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, JP Morgan analysts said in a note on Friday.
* Russian oil producers expect to maintain current volumes of crude oil exports, despite the Russian government's plan to cut oil output in March, the Vedomosti newspaper said on Friday, citing sources familiar with companies' plans.
* Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said.
* In nortwestern Europe, gasoline stocks were stable near highs last seen in August as exports to the United States continue at a low level, with more exports going to the Mediterranean and West Africa, according to Insights Global. .
* There were also rare exports from ARA to Southeast Asia, Insights Global said, adding much naphtha was going into the gasoline blending pool and some was exported to the United States.
* Northwest European (NWE) gasoline exports to the United States are already expected to slow to four medium-range tankers this week from six last week. Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
Ebob Barges $785.75
MOC Platts (3kt $810
E5 assesse
(fob ARA) d)
<EUROBOB-ARA
>
Ebob Barges $776.50 Total Glencore E10 -$782 , Platts(fob (6KT) Mabanaft ARA) , Exxon Ebob Barges $813.50
Argus E5(fob Vitol
AR) (2KT),


VWA


$811.58
Ebob Barges $815.75
E10 Argus (3KT)
(fob AR)
March swap $780.75 $802.25
fob ARA
Premium $843-$8 $854.00- Petroin Gunvor Unleaded 44 $855.00 eos
(fob ARA)
<PU-10PP-ARA
>
Cargoes
(fob MED)
Cargoes (cif
NWE)
Naphtha March March
(cif NWE) +$3 +$16 to


+$12
Ebob crack (per barrel) $11.892 Prev. $12.678 Brent futures Rbob Rbob crack (Reporting by Noah Browning; Editing by Kirsten Donovan)

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