USO•Northwest European gasoline refining margins rose by more than $4 to $47.60 a barrel on Thursday after Chinese refiners suspended oil product exports for October. Gasoline inventories at the ARA hub were 890,000 tons, down about 12.5% from a year earlier.
Northwest European gasoline refining margins rose to $47.60 a barrel from $43.23. A total of 10,000 metric tons of gasoline E5 barges traded, with ExxonMobil, Glencore and Trafigura selling to TotalEnergies and MB Energy.
Chinese refiners suspended oil product exports for October as Beijing looks to preserve domestic stocks. PetroChina cancelled a handful of gasoline and jet fuel shipments planned for October, while Asia's gasoline margin rose to a record high amid refinery outages and the reported export halt.
