Northwest European gasoline refining margins rose to $13.87 a barrel, edging back up after a big drop the previous session brought on by a large European inventory build.

Around 5,000 metric tons of Eurobob E10 traded, with Shell selling to Varo.

Around 10,000 tons of Eurobob E5 traded, with BP and Vitol selling to Mabanaft and Exxon.

U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead.

Gasoline deliveries from Nigeria’s huge and strategically important Dangote refinery are delayed until July, Aliko Dangote told Nigerian media this week.

Brent oil futures prices ticked higher and were on course for their biggest weekly gains in more than four months after projections for solid crude oil and fuel demand in 2024.

Total ARA stock levels stood at 6.356 million metric tons in the week to Thursday according to data from Dutch consultancy Insights Global.

The weekly rise was driven by a 27% jump in gasoline inventories to 1.13 million tons.

Returning production after refinery maintenance has added to the supply of gasoline and blending components in Northwest Europe, according to Insights Global’s Lars van Wageningen.

U.S. gasoline stocks rose by 2.6 million barrels last week to 233.5 million barrels, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 0.9-million-barrel build.
Source: Reuters (Reporting by Noah Browning; editing by David Evans)