Europe gasoline refining margins fall
XOM•Northwest European gasoline refining margins fell by more than $7 on Thursday as oil prices rose, reversing gains from the previous session. The Ebob crack dropped to $9.88 per barrel from $17.46.
1. Trading and supply
Sahara sold one cargo of Eurobob E5 to MB Energy, while 8,000 metric tons of Eurobob E10 traded, with BP and Exxon Mobil selling to Varo. Gasoline stocks in the Amsterdam-Rotterdam-Antwerp hub rose 2.8%.
2. Oil and exports
Oil prices rose more than $2 a barrel as investors reassessed the outlook for the US-Israeli war with Iran and new tanker attacks fueled worries about supply. Several traders estimated China’s November gasoline exports could be below 1 million tons, as refiners held back sales after Asian petrol margins fell nearly $20 since late October to less than $7 a barrel, their lowest since February.
