Europe Gasoline/Naphtha-Margins slip as exports to U.S., Africa slow down

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 2 (Reuters) - Northwest European gasoline refining margins edged down on Thursday to around $11.90 a barrel as flows to the United States and Africa ebbed, even as storage levels in Europe and the United States fell.
* Gasoline held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell 2.3% to 1.42 million tonnes, the data showed, even as exports to the United States and West Africa slowed down.
* 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.
* J.P. Morgan on Thursday forecast Russia would be able to maintain its oil output at pre-Ukraine conflict levels due to steady demand from China and India but said it might struggle to reroute some of its oil product exports away from Europe.
* The bank also said Moscow could face more competition from refiners in the Middle East coming online in the second half of the year, the bank added.
* Egypt raised domestic gasoline prices early on Thursday, bringing them more in line with global levels but risking further public discontent after a year of rising inflation, a weakening currency and a series of austerity measures. 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 $808.75 $815
Barges (3KT (3KT)
Argus assesse
E5(fob d)
AR)
Ebob $814.50 Assessed Shell Totsa Barges (4KT) at
E10 $809.75
Argus
(fob AR)
April $842.75 $824.75
swap fob
ARA
Premium $841,
Unleaded $855
(fob
ARA)
<PU-10PP
-ARA>
Cargoes
(fob
MED)
Cargoes
(cif
NWE)
Naphtha
(cif
NWE)
<NAF-C-N
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Ebob crack (per barrel) $11.898 Prev. $13.136 Brent futures Rbob Rbob crack (Reporting by Noah Browning;Editing by Elaine Hardcastle)

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