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Europe Gasoline/Naphtha-Cracks fall on weaker Eurobob trade

Monday, 13 November 2023 | 01:00

Northwest European gasoline refining margins fell on Friday to $10.90 a barrel, as Eurobob E5 barges were sold at lower levels.

Crack spreads fell by 19.7% on the day but rose by around 11.7% on the week.

Glencore sold Shell a 2,000 metric ton Eurobob E5 barge at $786.25 a ton, and ExxonMobil a 2,000 ton barge at $788.50 a ton.

In the afternoon window, Gunvor sold Varo a Eurobob E5 barge at $799 a ton.

No Eurobob E10 barges changed hands on Friday.

In the Mediterranean, BGN bid for a 27,000 ton cargo loading Nov. 27-Dec. 1 at Dec. plus $22 FOB Thessaloniki, but no deal was struck.

Trafigura sold Sahara a 1,000 ton premium unleaded barge loading Nov. 18-22 at $811 a ton.

Market participants suggested export activity out of Europe was slow due to poor economics for transatlantic shipments.

Shipments from northwest Europe to the United Stated eased to 510,000 tons in October from 724,000 tons in September and are expected to reach 488,000 tons for November, LSEG data shows.

Northwest European exports to West Africa jumped to 980,000 metric tons in October, up from 726,000 tons in September, and are expected to reach 692,000 tons in November, LSEG data shows.

In Asia, prolonged refinery outages saw octane-92 cracks GL92-SIN-CRK more than double on the week to above $13 a barrel.

Russian fuel producers have been told by the government to prepare for the scrapping of all remaining restrictions on the export of diesel and gasoline, three industry sources told Reuters on Thursday.

Russian gasoline production rose by 4.7% in the week to Nov. 5 to 836,400 tons, according to Rosstat data.

Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dropped by 7.6% in the week to Thursday to 1.334 million tons, data from Dutch consultancy Insights Global showed. ARA/

Heightened demand for supply in inland markets up the Rhine river saw stock levels fall, according to Lars van Wageningen of Insights Global, as export demand to West Africa and the Caribbean also drew on inventories.
Source: Reuters (Reporting by Robert Harvey; Editing by Alexander Smith)

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