Europe Gasoline/Naphtha-Gasoline refining margins hit new 4-year high
XLE•Northwest European gasoline margins hit four-year high
LONDON, July 15 (Reuters) - Northwest European gasoline refining margins rose by about $4 on Wednesday to $43.69 a barrel, hitting a new four-year high, supported by a drop in US inventories and lower underlying crude prices.
- A total of 4,000 metric tons of Eurobob E5 gasoline barges traded on Argus, with Aramco and ExxonMobil selling to Gunvor.
- A further 4,000 tons of Eurobob E10 barges traded, sold by Phillips 66 to ExxonMobil.
- Exxon sold an E5 barge to Sahara in the Platts window.
- U.S. gasoline stocks USOILG=ECI fell by 1.5 million barrels last week to 210.5 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 760,000-barrel draw. EIA/S
- Russia's seaborne oil products exports fell by half month-on-month to about 1.6 million metric tons in the first 15 days of July as lower refinery runs and an export ban curbed supplies available for overseas markets, market sources and LSEG data showed.
- Sparta Commodities analyst Neil Crosby said EBOB spreads are approaching seasonal levels last seen in the immediate aftermath of Russia's invasion of Ukraine. He said strong ARA blendstock values and recent weakness in the Singapore gasoline market have opened arbitrage opportunities for Singapore gasoline into Latin America, the US East Coast and West Africa, though he expects the window to be short-lived.
| Trade | Bid | Offer | Prev. | Seller | Buyer |
|---|---|---|---|---|---|
| Ebob Barges MOC Platts E5 (fob ARA) | $1082 | $1044 | Exxon | ||
| Ebob Barges E10 Platts (fob ARA) | |||||
| Ebob Barges Argus E5 (fob ARA) | $1075.50 (4KT) | $1046.25 (10KT) | Aramco, Exxon | ||
| Ebob Barges E10 Argus (fob ARA) |
