off-the-wire

Europe Gasoline/Naphtha-Cracks steady despite low exports, crude prices surge

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 3 (Reuters) - Northwest European gasoline refining margins were steady at just under $23 a barrel on Monday despite low exports and surging crude oil prices in the wake of the OPEC and its allies' decision to cut production.
* Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday.
* Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said.
* Russian oil product exports from the Black Sea port of Tuapse in April are set to rise by 3.9% month on month on a daily basis to 1.331 million tonnes, versus 1.324 million tonnes scheduled for March, two traders said on Monday.
* Saudi Arabia may raise crude prices for Asia in May after OPEC+ announced additional production cuts to shore up the market just as China's demand is expected to increase in the second quarter as refineries finish maintenance.
* Transatlantic gasoline shipments from Northwest Europe (NWE) fell for the second straight month in March to a near three-year low despite six consecutive weeks of inventory draws in the United States, Refinitiv data showed.
* Flows along the route dropped to about 462,000 tonnes in March, the lowest since April 2020 and compared with 611,000 tonnes in February, the data showed.
* Shipments to West Africa stood at 1.14 million tonnes in March, a four-month low, and down from 1.51 million tonnes loaded in February
* ARA gasoline stocks rose 1.6% to 1.47 million tonnes in the week to Thursday on slower exports to the U.S., data from Dutch consultancy Insights Global showed.
* 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} Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
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Ebob crack (per barrel) $22.6 Prev. $22.7 Brent futures Rbob Rbob crack (Reporting by Shadia Nasralla; Editing by Shweta Agarwal)

Reuters Messaging: shadia.nasralla.reuters.com@reuters.net))
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