Europe Gasoline/Naphtha-Cracks jump to fresh 5-month high as French strikes continue

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 28 (Reuters) - Northwest European gasoline refining margins hit their highest since mid-October at around $23 per barrel on Tuesday as French strikes affecting oil refineries continued.
* European Union countries gave final approval on Tuesday to a landmark law to end sales of new CO2-emitting cars in 2035, after Germany won an exemption for cars running on e-fuels.
* Industrial action over the past three weeks has seen every French refinery debilitated to some extent, hindering fuel deliveries throughout the country and depressing European crude prices as market players look to sell.
* Production has been shuttered at TotalEnergies' Gonfreville refinery and Exxon Mobil subsidiary Esso's Port Jerome-Gravenchon refinery due to the strikes, while Esso's Fos-sur-Mer and TotalEnergies's Feyzin others are operating at reduced capacity and two more are offline for repairs.
* Some 32% of the operational staff at TotalEnergies' French refineries and depots were on strike on Monday, a spokesperson said.
* The Spanish government has tightened its rules around ship-to-ship oil transfers after an uptick in the activity along its coastline.
* Estimates for March loadings from northwestern Europe are currently at 1.29 million tonnes, which is still quite low in historical terms. Due to fresh information, February loadings rose to 2.17 million tonnes, Refinitiv analysts said.
* Russia's offline primary oil refining capacity will rise by 425,000-455,000 barrels per day (bpd) in April compared to February-March, close to the 500,000 bpd output cut indicted by the state for the March to June period, data and Reuters calculations showed.
* Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose by 6%, data from Dutch consultancy Insights Global showed on Thursday.
* U.S. gasoline stocks fell by 6.4 million barrels to 229.6 million barrels last week, Energy Information Administration data showed on Wednesday.
* That compared with expectations of a 1.7 million barrel drop in a Reuters poll of analysts.?


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 Shell Gunvor Barges
Argus $861.50 $765-$77
E5(fob -$871 0.50
AR) (Summer (Winter,


); 12K);


Winter $825-$84


assesse 4


d at (Summer,


$792.50 6K)




Ebob
Barges
E10 Summer assessed
Argus assesse at
(fob AR) d at $814.50


$861.50


;


Winter


assesse


d at


$806




April $839.75 $819.75
swap fob
ARA
Premium $888-$8 Total BP Unleaded 91
(fob
ARA)
<PU-10PP
-ARA>
Cargoes
(fob
MED)
Cargoes
(cif
NWE)
Naphtha April
(cif +$4
NEW)
<NAF-C-N
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Ebob crack (per barrel) $23.4 Prev. $17.2 Brent futures Rbob Rbob crack (Reporting by Shadia Nasralla; Editing by Krishna Chandra Eluri)

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