Europe gasoline refining margins edge lower
USO•Northwest European gasoline refining margins edged $2 lower to about $41.40 a barrel on Tuesday as Brent prices crept back above $100 a barrel.
1. Margin and trade data
The gasoline refining margin fell to $41.42 a barrel from $43.54 previously. Varo sold 8,000 metric tons of gasoline E5 barges to TOTSA, while Gunvor sold an E5 barge to Trafigura; no E10 barges were traded.
2. Oil and fuel outlook
Brent futures recovered to $100.20 a barrel at 1657 GMT after falling more than $3, with supply worries cited after the Houthis fired a ballistic missile at Saudi Arabia. Chevron CEO Mike Wirth said the energy system is more fragile than earlier in the US-Israeli war against Iran and that the oil price floor keeps rising gradually as supply buffers thin. A preliminary poll expected U.S. crude stockpiles to rise and product inventories to decline; the EIA forecast a 30% increase in heating oil prices, offset by milder Northeast weather.
3. India fuel consumption
India's fuel consumption rose 3.9% in September from the previous month, while gasoline sales were up 7.9% from a year earlier.
