Europe gasoline refining margins jump
USO•Northwest European gasoline refining margins rose about $7.60 to $17.44 a barrel on Wednesday as crude prices fell sharply. US gasoline stocks declined by 222,000 barrels to 209 million barrels last week.
1. Margins rise sharply
Northwest European gasoline refining margins climbed to $17.44 a barrel from $9.84, while oil prices fell about 10% on Wednesday. Equinor and Sahara sold 10,000 metric tons of Eurobob E5 to TotalEnergies and Vitol; another 12,000 tons of Eurobob E10 traded, with Exxon, Sahara and Gunvor selling to Varo and BP.
2. US inventory data
US gasoline stocks fell by 222,000 barrels last week to 209 million barrels, against analyst expectations for a 153,000-barrel increase. Midwest gasoline stocks fell to a record low. Refinery crude runs rose by 199,000 barrels per day, and utilization increased 1.7 percentage points to 94.5%, the Energy Information Administration said.
