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Europe Gasoline/Naphtha-Cracks drop as exports slow

Monday, 20 November 2023 | 01:00

Northwest European gasoline refining margins dropped towards $9 a barrel on Friday amid thin trade as exports from the region slowed and stocks rose.

Trading thinned down, with only one 2,000 metric ton ebob gasoline barge trading throughout the day in price assessment platforms, according to traders and data.

Russia has lifted restrictions on gasoline exports, the energy ministry said on Friday, after scrapping most restrictions on exports of diesel last month, saying there was a surplus of supply while wholesale prices had declined.

Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3.6% in the week to Thursday, data from Dutch consultancy Insights Global showed.

Gasoline stocks stood at 1.38 million tons due to restocking in the region and slower exports to the U.S. East Coast, according to Lars van Wageningen of Insights Global.

U.S. gasoline stocks USOILG=ECI, in contrast, fell by 1.5 million barrels last week to 223.5 million barrels, the Energy Information Administration said.

Northwest European exports to West Africa jumped to 967,000 metric tons in October, up from 739,000 tons in September, and are expected to reach 891,000 tons in November, LSEG data shows.

Shipments from northwest Europe to the United States eased to 542,000 tons in October from 724,000 tons in September and are expected to reach 638,000 tons for November, LSEG data shows.
Source: Reuters (Reporting by Ron Bousso; Editing by Toby Chopra)

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