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Business

European gasoline margins rise slightly

Northwestern European gasoline refining margins rose slightly on Thursday even as crude prices soared by around 20% and ARA inventories rose. ARA gasoline stocks rose by 3.7% in the week to Thursday to 1.186 million tonnes, according to Dutch consultancy

Northwestern European gasoline refining margins rose slightly on Thursday even as crude prices soared by around 20% and ARA inventories rose. ARA gasoline stocks rose by 3.7% in the week to Thursday to 1.186 million tonnes, according to Dutch consultancy Insights Global.
US gasoline stocks rose by 7.5 million barrels to 246.8 million barrels, the US Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel rise.
US gasoline demand fell by the most ever in one week, with products supplied, a proxy for demand, dropping by 2.2 million barrels per day to 6.7 million bpd. Storage tanks in the United Arab Emirates' Fujairah, a key bunkering and oil hub in the Middle East, have reached their full capacity for both crude and oil products, three industry and trading sources told Reuters on Wednesday.
At least 12 tankers, among them a newly built supertanker, have been booked in recent days to store refined products, according to shipping data and traders, as onshore storage space quickly dwindles and contango dissuades sales.

Copyright Reuters, 2020