Gasoline refining margins rose on Thursday but remained under big pressure from rising stocks in the region. Traders are storing gasoline on tankers off Europe's coasts as they struggle to contain a steady rise in supplies since the start of the year that has weighed on prices.
At least three 90,000 tonne tankers have been booked in recent weeks to store gasoline for up to 60 days off the Dutch coasts - Maersk Producer, Phoenix Dream and Maersk Promise, according to traders and shipping data. Gunvor had booked the three cargoes, the sources said. ARA gasoline stocks rose in the week to Thursday by 2 percent to 1.309 million tonnes, according to Dutch consultancy PJK International.
Some terminals in the region were facing loading delays because of a high level of barge trading activity over the week, PJK's Lars van Wageningen said. Nigeria will begin phasing in lower sulphur gasoline imports in October, a year after an initial deadline, an official at state oil company NNPC said. Gunvor sold to Vitol a barge of eurobob gasoline at $569 a tonne fob ARA during the afternoon trading window, up from $565 a tonne on Wednesday.
Elsewhere, 14,000 tonnes of gasoline barges traded at $570-$571 a tonne fob ARA, little changed. Total, Litasco, Vitol sold to Statoil and BP. No barges of premium unleaded gasoline traded. The April swap stood at $638.25 a tonne fob ARA, up from $632.50 a tonne.
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