LONDON, Dec 23 (Reuters) - Northwest European gasoline refining profit margins rose by around 17 cents to $7.44 a barrel on Monday, following a weekly loss on the back of higher inventories.
Around 4,000 tons of Eurobob E5 barges traded. Shell and BP sold to Gunvor.
Another 10,000 tons of E10 barges traded. Shell and Sahara sold to Varo, Mabanaft and Van Raak.
In the Platts window, Vitol sought a Mediterranean gasoline cargo, while Trafigura offered one. There were no trades agreed.
Gasoline refining margins fell last week as higher inventories on both sides of the Atlantic and refinery restarts in northwest Europe weighed on margins, LSEG analyst Abdul Hadhi said.
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 Dec. 19, 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, EU and U.K. gasoline exports were set to drop in December to 900,000 barrels per day (bpd), down from 1.12 million bpd, according to Kpler.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | ||||||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $669.25 | $673.75 (4KT) | Shell and BP | Gunvor | ||
Ebob Barges E10 Argus (fob AR) | $671.25 | $673.75 (assessed) | Shell and Sahara | Varo, Mabanaft and Van Raak | ||
Jan swap (fob ARA) | $666.50 | $671.75 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | ||||||
Cargoes (fob MED) | Fob Med - $4 | Fob Med + $3 | ||||
Cargoes (cif NEW) | ||||||
Naphtha (cif NEW) NAF-C-NWE | Jan +$5 | Dec + $2 |
Ebob crack (per barrel) | $7.44 | Prev. $7.27 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
(Reporting by Enes Tunagur; Editing by Sharon Singleton)
((Enes.Tunagur@thomsonreuters.com;))
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