off-the-wire

Europe Gasoline/Naphtha-Cracks slip despite weaker oil prices

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 14 (Reuters) - Northwest European gasoline refining margins slipped to $10.98 a barrel on Tuesday despite a slight drop in crude oil prices brought on by jitters in financial markets.


* Oil prices fell about 1% to a five-week low on Tuesday as the collapse of Silicon Valley Bank in the United States sparked fears of a financial crisis that could reduce future oil demand.
* More than a third of operators at TotalEnergies' French refineries and depots were on strike Tuesday morning as industrial action against the government's planned changes to its pension system continued for a seventh day, a company spokesperson said.
* Exports from the region slipped last month and look set to trade even more slowly in March.
* Northwest European gasoline exports in February dropped to 2.35 million tonnes, well below the 3.11 million tonnes loaded in January and the 3.2 million tonnes in February 2022, Refinitiv data showed. March loadings so far total about 840,000 tonnes, the data showed.
* U.S. gasoline stockpiles were expected to have fallen last week along with distillate inventories, a preliminary Reuters poll showed.
* Six analysts polled by Reuters estimated on average that gasoline inventories fell by about 2.2 million barrels in the week to March 10.
* Russia's offline primary oil refining capacity for March has been revised up by 78% from the previous plan to 1.684 million tonnes, according to data from industry sources and Reuters calculations.
* India is not obligated to buy Russian oil at rates below the price cap imposed by the Group of Seven (G7) and other Western nations, an Indian oil ministry source told Reuters on Tuesday. Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
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Ebob $754.75 $780.75 Trafigu Gunvor Barges (3KT) (7KT) ra
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Ebob $760.50 3KT BP Gunvor Barges on 3kt assessed
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Argus assesse $782.50
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April $802
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ARA $826.75




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Ebob crack (per barrel) $10.974 Prev. $12.747 Brent futures Rbob Rbob crack (Reporting by Noah Browning Editing by David Goodman )

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