LONDON: Gasoline margins firmed on Friday, but prices were under pressure as a tumble in US gasoline futures threw the arbitrage from Europe to the United States into question.
The European gasoline crack firmed on the back of falling Brent crude prices.
US gasoline imports from Europe are typically at their peak during the summer driving season, but an unusual glut of the product in the United States has put the country's import demand in question.
French CGT union workers have suspended their strike at Total's Donges and Feyzin refineries, but the strike at the company's Gonfreville refinery in Normandy will continue until Wednesday, two union officials told Reuters.
GASOLINE
There were no barge trades in the window.
Four barges of benchmark Eurobob traded outside the window at $519-$521 a tonne fob ARA early in the day and $513 a tonne fob ARA in the afternoon.
Litasco and BP sold to Total, Shell and Gunvor.
Rolympus sold a barge of premium unleaded gasoline to Total at $524 a tonne fob ARA, down from Thursday's deal at $527 a tonne fob ARA.
The July swap stood at $516 a tonne at the close, down from $525 a tonne.
Gasoline barge refining margins rose to $11.55 a barrel, up from $10.8 a barrel Thursday.
Brent crude oil futures were down $1.10 a barrel at $50.85 a barrel at 1617 GMT.
US July RBOB gasoline was down 3.43 percent at $1.5631 a gallon.
The US gasoline crack was trading at $16.23, down from $17.25 a barrel on Thursday.
NAPHTHA
Rolympus sold a cargo to Glencore at $423 a tonne cif Northwest Europe, lower than Thursday's trade at $434 a tonne cif NWE.
Comments
Comments are closed for this article.