off-the-wire

Europe Gasoline/Naphtha-Margins inch up as U.S. stockpiles fall

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 1 (Reuters) - Northwest European gasoline refining margins inched up on Wednesday to around $14 a barrel as stockpiles across the Atlantic fell against the backdrop of weak exports to the United States
* Supplies of Russian flagship Urals crude oil to Turkey reached a four-month high in February after STAR refinery, owned by Azerbaijan's oil firm SOCAR, resumed purchases of the blend, data showed and four industry sources said on Wednesday.
* U.S. gasoline stocks fell by 900,000 barrels in the week to 239.2 million barrels, EIA government data showed, compared with analysts' expectations for a 500,000-barrel rise. ?
* Northwestern European gasoline shipments to the United States and West Africa are lagging behind January and year-ago levels due to ample inventories and winter storms set to quell the nascent demand recovery from last week, according to Refinitiv analysts.
* However, values are holding in part on expectations of tighter supplies as refineries on both sides of the Atlantic were shut for what is a heavy maintenance season. Refinitiv is tracking 298,000 tonnes of loadings this week on the two major routes, down slightly from the 308,000 tonnes last week.
* So far, February liftings total 1.55 million tonnes, down from the massive 2.17 million tonnes shipped out in January. A year ago, February shipments reached 2.64 million tonnes while January was at a low 1.65 million tonnes, the data show.
* A price cap on Russian naphtha could pressure east-bound supplies to four-month lows in March, estimates by traders and analysts showed.
* Trading sources said on Tuesday there was ample naphtha supply in northwest Europe as weak Chinese demand meant north African and Mediterranean product could head to the Amsterdam-Rotterdam-Antwerp (ARA) region in recent months.
* OPEC oil output rose in February, led by a further recovery in Nigerian supply, a Reuters survey found on Tuesday, despite strong adherence by top producers to an agreement by the wider OPEC+ alliance to cut production to support the market. Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
Ebob
Barges
MOC
Platts
E5
(fob
ARA)
<EUROBOB
-ARA>
Ebob
Barges
E10
Platts(f
ob ARA)
Ebob Total BP, Barges Mabanaft Argus $815 $801.50
E5(fob (3KT) (4KT)
AR)



Ebob Assesse
Barges d at
E10 $809.75 $797.50
Argus (6KT)
(fob AR)



April $824.75
swap fob
ARA
Premium $836,
Unleaded $866
(fob
ARA)
<PU-10PP
-ARA>
Cargoes
(fob
MED)
Cargoes
(cif
NWE)
Naphtha
(cif
NWE)
<NAF-C-N
WE>


Ebob crack (per barrel) $13.9 Prev. $12.9 Brent futures Rbob Rbob crack (Reporting by Shadia Nasralla)

shadia.nasralla.reuters.com@reuters.net))
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