Europe Gasoline/Naphtha-Margins weaken as exports slow

Usama Fayyaz September 5, 2019

LONDON: Northwest European gasoline refining margins dropped on Wednesday to their lowest since late June at $6.3 per barrel due to slowing overseas demand.

Global oil demand is expected to grow by less than 1 million barrels per day (bpd) in 2019, BP Chief Financial Officer Brian Gilvary told Reuters.

Nearly 300,000 tonnes of gasoline have been booked so far to ship out of Europe in September, with about 200,000 tonnes booked on the transatlantic route, Refinitiv shipping data shows.

August loadings reached about 980,000 tonnes, down from 1.34 million tonnes in July, Refinitiv data shows.

The trading arm of Nigeria’s state oil firm is leaving London to set up in Dubai to be closer to the Asian market which is fast becoming the main buyer of the west African country’s crude, four oil industry sources said.

Copyright Reuters, 2019

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