LONDON: Gasoline refining margins in northwest Europe rose on Thursday after a 9 percent draw in ARA stocks that followed a large US draw boosted expectations that a recent glut was subsiding.
ARA gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp dropped by 9 percent in the week to Thursday, Dutch consultancy PJK International said.
This was the fourth consecutive week of stocks declines in the region, a result of continued exports and lower gasoline output from refineries in the region.
Gasoline refining margins gained strongly following an unexpected, large draw in US inventories last week.
Several cargoes were booked to ship gasoline from Europe to the United States East Coast. Around 1.4 million tonnes have been booked on the transatlantic route to load in August, according to Reuters shipping data.
China has resumed buying of reformate in recent days, with at least one 40,000 tonne cargo booked by AFCO for loading in ARA in early September.
GASOLINE
There were no Eurobob trades during the afternoon trading window. There were no bids or offers.
Some 8,000 tonnes traded in the morning at $478.50 a tonne fob ARA, up from $462 a tonne. Gunvor and Total sold to Shell and BP.
Litasco and Shell each sold a barge of premium unleaded gasoline to Total at $501 and $499 a tonne fob ARA, up from $491 a tonne.
Gasoline barge refining margins fell slightly to $7.95 a barrel from $6.56 a barrel. The September swap stood at around $487 a tonne at the close, up from $477 a tonne.
Brent crude oil futures were up 95 cents at $50.80 a barrel by 1540 GMT.
US August RBOB gasoline futures were up 1.9 percent at 1.5182 a gallon.
The US gasoline crack was trading at $13.54 a barrel, down from $14.04 a barrel.
NAPHTHA No trades were reported.
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