Europe gasoline refining margins slip nearly $4 a barrel
USO•Northwest European gasoline refining margins fell nearly $4 a barrel to $18.95 as rising crude prices weighed on returns and trading slowed. Gasoline stocks at the Amsterdam-Rotterdam-Antwerp hub dropped more than 14% on the week to 707,000 metric tons, their lowest since September 2021.
1. Margins and trading fall
Northwest European gasoline refining margins fell to $18.95 a barrel from $22.72, despite a decline in regional inventories. Rising crude prices weighed on returns as trading activity slowed: 4,000 metric tons of Eurobob E5 barges traded, compared with 38,000 tons in the previous session.
2. Regional stocks decline
Gasoline stocks at the Amsterdam-Rotterdam-Antwerp refining and storage hub fell more than 14% on the week to 707,000 metric tons, their lowest level since September 2021. Higher exports and low refining margins weighing on production contributed to the decline, Insights Global's Rick Veringmeier said.
3. US inventory data
US crude and gasoline stocks fell in the week ended October 16, while distillate inventories rose, the US Energy Information Administration said. The latest data reflected the impact of Hurricane Isaias.
