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Europe Gasoline/Naphtha-Cracks fall on Friday, but end week higher

Monday, 05 February 2024 | 01:00

Northwest European gasoline refining margins eased to about $13.65 a barrel on Friday, cooling off after a sharp rise in the previous session, but still ending the week higher.

At that level, crack spreads were around 42% higher than where they were marked a week ago on Jan. 26.

A total of 11,000 metric tons on Eurobob E10 traded on Friday, with Musket and Shell selling to TotalEnergies, BP and ExxonMobil.

Just one 2,000-ton barge of Eurobob E5 changed hands, between BP and Varo.

Petroineos and Equinor sold premium unleaded gasoline in the Platts window to Gunvor and Sahara.

The gasoline market showed signs of strengthening this week, a trade source said, as values for high-octane blending components rose amid a widening gasoline-naphtha spread.

February gasoline swaps were trading $140 a ton above naphtha swaps on Friday, according to data from broker Marex, up from $128.75 a week ago.

Europe exported a total of 7.87 million barrels of gasoline to Nigeria in January, according to Kpler data, down from 8.24 million barrels in December.

Exports to the U.S. rose to 7.32 million barrels in January, up from 6.49 million barrels the previous month.

Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by around 13% in the week to Thursday, to 948,000 metric tons, according to data from Dutch consultancy Insights Global.
Source: Reuters (Reporting by Robert Harvey; Editing by Pooja Desai)

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