off-the-wire

Europe Gasoline/Naphtha-Cracks rise over $19/bbl as crude drops

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 9 (Reuters) - Northwest European gasoline refining margins rose to about $19.50 a barrel on Tuesday boosted by falling crude oil prices , but slowing export activity from the region especially to West Africa and higher inventories on both sides of the Atlantic capped further gains.


* Northwest Europe (NWE) April gasoline exports to its two main destinations, the United States and West Africa (WAF), fell to their lowest since July 2020 despite trans-Atlantic shipments rising to the highest since May 2022, said Refinitiv analyst Raj Rajendran.
* Northwest European exports in April on the transatlantic and West African routes were estimated at 1.63 million tonnes, down from 1.89 million tonnes exported last month, Refinitiv data showed.
* Exports from NWE to WAF in April tumbled to the lowest since March 2020 at 597,000 t, down from 1.45 million t in March.
* Nigerian President Muhammadu Buhari will commission the multi-billion dollar Dangote oil refinery in two weeks, a presidency spokesperson said on Sunday, setting up the plant for its first production since construction started in 2016.
* Nigeria, Africa's biggest oil producer, sees the 650,000 barrels-per-day refinery - being built by billionaire industrialist Aliko Dangote's Dangote Group - as a solution to ending the country's reliance on imports for nearly all of its refined petroleum products.
* According to Euroilstock data, European gasoline stocks stood at 111 million barrels in April, up 1.8% from March, but down 2.6% compared with last year.
* Gasoline stocks in independent storage in the Amsterdam-Rotterdam-Antwerp region rose slightly to 1.3 million tonnes in the week to Thursday, data from Dutch consultancy Insights Global showed.
* 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. ? Trades Bids Offers Prev. Sellers Buyers (vol.) Trades
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Ebob crack (per barrel) $19.5 Prev. $15.7 Brent futures Rbob Rbob crack (Reporting by Shadia Nasralla; Editing by Krishna Chandra Eluri)

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