LONDON: Gasoline and naphtha refining margins in northwest Europe held steady on Friday on the back of overseas demand. Gasoline trades began to pick after a relatively slow week, with many traders attending the International Petroleum Week conference in London.
Reuters shipping data showed ten cargoes, approximately 400,000 tonnes, of gasoline and gasoline components booked for West Africa in the last week.
About 200,000 tonnes of naphtha has been booked to ship to Japan from Europe and the Mediterranean, according to fixture lists. A port strike on the west coast of the United States has delayed shipments of products to Asia.
Independently-held stocks of gasoline in Europe's Antwerp-Rotterdam-Amsterdam hub fell 22 percent in the week to Thursday, according to data from Dutch-based PJK International. French energy major Total said on Thursday that it will cut jobs and halve capacity at its Lindsey refinery in Britain, as it adapts to weak demand for fuel in Europe and rising competition from overseas.
In Europe, Germany's 310,000 barrels-per-day (bpd) Karlsruhe refinery began maintenance on several units this week and will fully shut down for six weeks starting on Feb. 25.
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