Europe Gasoline/Naphtha-Cracks edge higher ahead of refinery outages

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 20 (Reuters) - Northwest European gasoline refining margins edged higher on Monday ahead of major European refinery turnarounds, but remained close to the average so far this month, which has fallen by almost 8% since January as a result of declining transatlantic shipments.


* Germany's Schwedt refinery, whose majority owner Rosneft Deutschland has been put under trusteeship by the government, will undergo major maintenance in spring that will lower utilisation to less than half.
* The outage coincides with works at oil major Shell's Pernis refinery in Rotterdam from the start of March to the end of May.
* Gasoline cracks, however, remain capped by limited northwest European exports to the United States so far this month as a result of ample U.S. stocks, soaring freight rates, and inclement weather hitting U.S. demand, according to Refinitiv analysis.


* Refinitiv tracking shows just two medium-range (MR) tankers provisionally booked on the transatlantic route this week compared with five a week earlier.
* Exports on the route to west Africa have also fallen.


* In northwestern Europe, gasoline stocks were stable near highs last seen in August as exports to the United States continue at a low level, according to Dutch consultancy Insights Global. . Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
Ebob $785.75
Barges (3kt
MOC assessed
Platts )
E5
(fob
ARA)
<EUROBOB
-ARA>
Ebob $776.50-
Barges $782
E10 (6KT)
Platts(f
ob ARA)
Ebob $809.50 Shell Petroine Barges (4KT) os Argus
E5(fob
AR)
Ebob $800 Totsa, Exxon, Barges (6KT) Shell Glencore E10
Argus
(fob AR)
March $795.50 $780.75
swap fob
ARA
Premium $852-$8 $843-$84 Equinor Gunvor Unleaded 53 4 , Totsa
(fob
ARA)
<PU-10PP
-ARA>
Cargoes
(fob
MED)
Cargoes
(cif
NWE)
Naphtha March
(cif +$5
NWE) to
<NAF-C-N +$8
WE>
Ebob crack (per barrel) $13.83 Prev. $11.35 Brent futures Rbob Rbob crack (Reporting by Rowena Edwards; editing by Barbara Lewis)

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