Gasoline refining margins in north-west Europe rose to their highest since early November on Thursday as inventories in the Amsterdam-Rotterdam-Antwerp hub fell by nearly 10 percent. ARA gasoline stocks were down by 9.6 percent to 987,000 tonnes in the week to Thursday because of exports to West Africa, Asia Pacific, North America and Brazil, Dutch consultancy PJK International said.
Relatively heavy refinery maintenance in the Middle East was enabling a pull of light end cargoes to that region, traders said. Additionally, maintenance in Europe, particularly the Mediterranean, over the coming weeks was expected to cut into supplies. Crude oil intake at Europe's refineries fell for a second month in January, but stocks of crude and oil products also edged higher for a second month, data from industry monitor Euroilstock showed on Thursday.
Still, Euroilstock data showed that stock levels were nearly 18 percent lower than January last year, illustrating a gradual drawdown in recent months following more than two years of build amid a global glut of crude oil. US gasoline stocks drew last week, according to the EIA, but stocks hit a record in the key PADD 1 area, which comprises of the east coast demand hub that consumes European export cargoes.
No cargoes traded during the afternoon window. A bid emerged at $553 a tonne fob ARA, compared with trades at $549 a tonne the previous day. Earlier in the day around 6,000 tonnes of Eurobob gasoline traded at $556.50 a tonne fob Amsterdam-Rotterdam, up from $540-$552 a tonne on Wednesday. Gunvor sold to Varo and CCI.
No barges of premium unleaded gasoline traded. The March swap stood at $557.50 a tonne at the close, up from $553.50 a tonne. Gasoline barge refining margins rose to $11.72 a barrel, up from $11.23 a barrel. US front month RBOB gasoline futures were 0.18 percent higher at $1.5555 by 1651 GMT.
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