LONDON: Ample supply and weakening overseas demand pushed northwest European gasoline cracks to their lowest in more than seven weeks on Friday.
US gasoline consumption was significantly lower in April than reported at the time, according to new data published by the the US Energy Information Administration.
The downward revision in estimated consumption encouraged analysts to reassess the strength of gasoline demand in the world's largest consumer of gasoline in automobiles.
Gasoline stocks in the Amsterdam-Rotterdam-Antwerp hub were more than 20 percent higher in the week to June 30 as exports from the region slowed.
US gasoline stocks also posted an unseasonably large increase of 1.4 million barrels last week.
The naphtha arbitrage to Asia was mostly closed, with exports only working from the Black Sea port of Tuapse, traders said.
At least two tankers were booked to load 80,000 tonnes of naphtha at Tuapse for Japan in recent days, according to Reuters shipping data.
Traders are expecting naphtha supplies to rise in the second half in July with multiple cargoes on offer from Algeria, Spain, Italy, Greece and the Black Sea.
Litasco chartered the Torm Madison to load a 30,000 tonne naphtha cargo at Morocco's Mohammedia port on July 7, according to a shipping report.
Previous attmpts to charter naphtha from the port, including those by Vitol, have failed; Morocco's Samir refinery has been shut for nearly a year, and is trying to restart despite a court-ordered liquidation.
GASOLINE
Litasco sold to Shell one barge of benchmark Eurobob gasoline during the Platts afternoon window at $479 a tonne fob ARA, down from offers the previous day at $489 a tonne.
Eight barges of Eurobob traded outside the window at $475-$483 a tonne fob ARA, down from $487.50-$497 a tonne the previous day.
No premium unleaded gasoline barge trades emerged.
The July swap stood at $482.50 a tonne at the close, down from $489 a tonne on Thursday.
Gasoline barge refining margins fell sharply by around $2 a barrel to $9.04 a barrel, a more than seven-week low and less than half the level of the same time last year.
Brent crude oil futures were trading 4 cents higher at $49.75 a barrel at 1542 GMT.
US July RBOB gasoline futures were down 1.17 percent at 1.4837 a gallon.
The US gasoline crack was trading at $14.01 a barrel, down from $14.38 a barrel on Thursday.
NAPHTHA
Rolympus sold to Glencore a naphtha cargo at $417.50 a tonne cif NWE, compared with bids the previous day at $410-$416.50 a tonne.
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