Europe Gasoline/Naphtha-Cracks hit fresh five-month highs

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 29 (Reuters) - Northwest European gasoline refining margins hit fresh highs since October to close at $24/bbl on Wednesday as U.S. gasoline stocks fell and French strikes continued to plague European supply.
* U.S. gasoline stocks fell by 2.9 million barrels in the week to March 24 to 226.7 million barrels, according to the Energy Information Administration on Wednesday. [EIA/S}
* This compared with analysts' expectations for a 1.6 million-barrel drop.
* The decline in U.S. stocks could boost transatlantic shipments from Europe at a time when strike action in France is tightening supply on the continent.?
* About 31% of fuel stations in France's Ile-de-France region, where Paris is located, were missing at least one product on Tuesday evening, up two percentage points from Monday night, petroleum association UFIP said, citing energy ministry data.
* However, the situation in other regions was improving, with about 15% of all fuel stations in France missing at least one product as of Tuesday night, compared with 17% on Monday evening, the data showed.
* 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 are operating at reduced capacity and two more are offline for repairs. Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
Ebob
Barges
MOC
Platts
E5
(fob
ARA)
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Ebob
Barges
E10
Platts(f
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Ebob Totsa, BP, Barges Trafigu Gunvor Argus $860.18 $861.50- ra
E5(fob (11KT) $871
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$792.50




Ebob Shell Exxon Barges
E10 $867.75 Summer
Argus (2KT, assessed
(fob AR) 1KT at


assesse $861.50;


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$859) assessed


at $806




April $835.50 $839.75
swap fob
ARA
Premium $888-$89
Unleaded 1
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Cargoes April
(fob +$15
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Cargoes
(cif
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Naphtha April
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Ebob crack (per barrel) $23.98 Prev. $22.38 Brent futures Rbob Rbob crack (Reporting by Rowena Edwards)

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