Europe Gasoline/Naphtha-Cracks dip, shrugging off strikes, falling U.S. stocks

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 8 (Reuters) - Northwest European gasoline refining margins fell around a dollar in thin trade to around $14.6 a barrel on Wednesday from a one-month high in the previous session, shrugging off continued strike action in France and falling U.S. stockpiles.
* In France, TotalEnergies' refinery deliveries were suspended on Wednesday, electricity output reduced and train services disrupted as those sectors continued a strike aimed at blocking the government's plan to delay the retirement age by two years to 64.
* TotalEnergies workers on Wednesday took a majority vote to halt production at the Feyzin refinery close to Lyon as part of wider strike action across France against a planned pension reform, a CGT union official told Reuters.
* CGT representative Eric Sellini said the union was now negotiating the modalities on how to organise the shutdown with management.
* Rhine river traffic came to a standstill in some places on Wednesday due to the strikes, with sections of the river in France, Germany and Switzerland affected, a CGT union representative and Germany's Waterways and Shipping Administration (WSA) said.
* Last year extended strike action closed around 70% of France's refining capacity.


* James Burleigh, Wood Mackenzie analyst, said he was currently seeing no impact, adding the impact of the strike would become more serious in a few days if movements to and from the French ports and refineries are blocked.
* U.S. crude oil stockpiles fell last week, breaking a 10-week streak of builds, according to the Energy Information Administration.
* U.S. gasoline stocks fell by 1.1 million barrels in the week to 238.1 million barrels, and U.S. gasoline demand over the past four weeks fell 0.2% from a year ago, the EIA said, while total product demand in the period fell 8.4%.
* Slashed output at Germany's Schwedt oil refinery demonstrates the difficulty Berlin faces in turning away from Russian oil.
* Three months after Warsaw and Berlin agreed to work together the refinery is running at 50-60% of capacity and those alternative supplies remain elusive.
* Gasoline held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell 2.3% to 1.42 million tonnes, Refinitiv data showed, even as exports to the United States and West Africa slowed down. 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 Varo, Gunvor Barges Trafigu
Argus $814, $818-$83 ra
E5(fob $816 2.25
AR) (4KT) (10KT)





Ebob
Barges
E10 $829.75
Argus (3kt
(fob AR) assessed


)




April
swap fob
ARA $836.75 $853.25




Premium Trafigu Shell Unleaded ra
(fob $829.00
ARA) , $831
<PU-10PP (5
-ARA> barges)




Cargoes +$11
(fob (Asprop
MED) yrgos)
Cargoes
(cif
NWE)
Naphtha April March
(cif +$6, +$3,
NWE) +$8 +$6
<NAF-C-N
WE>


Ebob crack (per barrel) $14.6 Prev. $15.8 Brent futures Rbob Rbob crack (Reporting by Shadia Nasralla; Editing by Shailesh Kuber)

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