Europe Gasoline/Naphtha-Cracks drop after surprise U.S. stocks rise

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 3 (Reuters) - Northwest European gasoline refining margins dropped to $19 a barrel on Wednesday after data showed an unexpected, large rise in U.S. inventories.


* U.S. gasoline stocks rose last week by 1.7 million barrels to 222.9 million barrels, EIA data showed, compared with forecasts for a 1.2 million-barrel drop.
* Oil prices fell 4% on Wednesday, extending steep losses from the previous session, as investors fretted about the health of the U.S. economy ahead of an expected Federal Reserve interest rate hike later in the day. ?
* Northwest European gasoline exports for April stood at 1.39 million tonnes as of Friday, down from the 1.79 million tonnes exported the previous month, Refinitiv data showed.
* Argus said on Wednesday that starting Jan. 1 2024, it will calculate its Argus Eurobob oxy (E5) price as a premium/discount to the non-oxy price (E10). The Eurobob non-oxy (E10) barge price will continue to be assessed using a volume weighted average of transactions agreed during the trading day.
Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
Ebob $762 Trafigu Varo Barges ra
MOC
Platts
E5
(fob
ARA)
<EUROBOB
-ARA>
Ebob
Barges
E10
Platts(f
ob ARA)
Ebob $771-$7 $820.25 Total, Varo, Barges 82.75 (14.2KT) Gunvor Trafigur Argus a E5(fob
AR)
Ebob $770-$7 $827.75 Shell Exxon, Barges 81.75 (8.5KT) BP E10
Argus
(fob AR)
June $723 $758
swap fob
ARA
Premium $760
Unleaded
(fob
ARA)
<PU-10PP
-ARA>
Cargoes
(fob
MED)
Cargoes
(cif
NEW)
Naphtha
(cif
NEW)
<NAF-C-N
WE>



Ebob crack (per barrel) $19.1 Prev. $20.1 Brent futures Rbob Rbob crack (Reporting by Ron Bousso Editing by Mark Potter)

email: ron.bousso@thomsonreuters.com Twitter: Tel.: +44 (0)207 542 2161 Reuters Messaging: ron.bousso.reuters.com@reuters.net))
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