13 January 2017, Sweetcrude, Abuja – Gasoline refining margins in northwest Europe rose during the week, supported by firming demand from Nigeria but a higher than expected rise in US stocks capped further gains.
Nigerian state oil company, NNPC, has issued a tender to buy up to 1.55 million tonnes of gasoline from January to April in its latest effort to stave off shortages that have recently plagued Africa’s most populous nation.
The tender, issued on Monday afternoon and closed on Tuesday, sought 42 cargoes of gasoline, each 37,000 tonnes, on top of the volumes NNPC is taking via ongoing crude-for-product swap contracts.
US gasoline stocks rose 4.1 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 2.6 million-barrel gain, the Energy Information Administration said on Wednesday.
The river Rhine in Germany was reopened to shipping after a fall in water levels, the German inland navigation authority said. The river was closed to inland shipping at the start of the week after rain and melting snow raised water levels.
Gasoline exports from Europe to the Middle Easthave surged in recent months to record highs as traders seek to fill a gap due to particularly heavy refinery maintenance in the region in the coming months.
Noble Group is closing its London oil desk and winding down its Asian oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia’s biggest commodities trader to restructure.
Gasoline
Gunvor sold to BP one barge of eurobob gasoline during the afternoon session at $633 a tonne fob ARA, up from $631 a tonne on Tuesday.
Elsewhere, 8,000 tonnes traded at $637-$640 a tonne fob ARA, up from $624.50-$628 a tonne previously. Glencore sold to Shell, Hartree sold to Petroineos, Gunvor sold to Finco, and BP sold to CCI.
Varo sold to Total five barge of premium unleaded gasoline at $654 a tonne fob ARA, up from $652 a tonne.
Total sold a fob Rijeka cargo to Vitol at $637 a tonne. The February swap stood at $636.50 a tonne at the close, up from $633 a tonne.
The benchmark EBOB gasoline refining margin rose to $5.86 a barrel from $5.09 a barrel.
Brent crude futures were up 20 cents at $69.02 a barrel by 1642 GMT.
US front-month RBOB gasoline futures were down 0.58 percent at $1.8255 a gallon.
The RBOB crack versus US crude was down 6.29 percent at $13.27 a barrel.
Source: Reuters
