LONDON, Dec 20 (Reuters) - Northwest European gasoline refining profit margins rose by around 44 cents to $7.20 a barrel on Friday, while analysts said potential cargo exports to the U.S. became financially unviable.
* Around 4,000 tons of Eurobob E5 barges traded. Shell sold to ExxonMobil and Mabanaft.
* In the Argus window, two UL98(98Ron) barges traded, as Trafigura sold to Mabanaft and ExxonMobil.
* Nigeria's Dangote Refinery is now operating at 85% capacity and is on course to deliver European-standard products by January, an executive told Reuters on Friday.
* European gasoline margins have become unfavourable to export cargoes to the U.S. as inventories in the U.S. Gulf Coast rose to weigh on prices, Sparta Commodities analyst Philip Jones-Lux said.
* Surplus European gasoline could find a home in Latin America, Jones-Lux added.
* Gasoline stocks held in independent Amsterdam-Rotterdam-Antwerp $(ARA)$ storage reached their highest in 13 months and hit 1.37 million tons in the week to Thursday, up 1% from the previous week, according to consultancy Insights Global.
* Gasoline swap contracts after January 2025 are now in contango, incentivising gasoline storage.
* Meanwhile, E.U. and U.K. gasoline exports were set to drop in December to 1 million barrels per day (bpd), down from 1.15 million bpd, according to Kpler.
Trade Bid Offer Prev. Seller Buyer
Ebob Barges
MOC Platts
E5
(fob ARA)
<EUROBOB-AR
A>
Ebob Barges
E10 Platts
(fob ARA)
Ebob Barges $673.75 $669 Shell ExxonM
Argus E5 (4KT) obil
(fob AR) and
Mabana
ft
Ebob Barges $673.75 $672.17
E10 Argus (assesse
(fob AR) d)
Jan swap $671.75 $668
(fob ARA)
Premium
Unleaded
(fob ARA)
<PU-10PP-AR
A>
Cargoes
(fob MED)
Cargoes
(cif NEW)
Naphtha Jan + Jan +
(cif NEW) $4 $4
Ebob crack (per barrel) $7.20 Prev. $6.76
Brent futures
Rbob
Rbob crack
(Reporting by Enes Tunagur; Editing by Shreya Biswas )
((Enes.Tunagur@thomsonreuters.com;))
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