LONDON: Gasoline refining margins edged higher following a fall in oil futures while a draw in US gasoline stocks failed to boost cracks further as the remaining volume in storage was still considered high.
Even with upcoming refinery maintenance on the US east coast, traders were still bearish owing to significant stockpiles in PADD 1 and the end of summer driving season.
US gasoline stocks fell 691,000 barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop, according to government data.
French oil major Total and Italian renewable energy group Erg have tapped banks to sell one of Italy's biggest petrol station networks, known as TotalErg, sources familiar with the matter said.
GASOLINE
There were no trades of benchmark Eurobob gasoline barge. In the previous session one barge traded at $474 a tonne fob ARA.
Some 16,000 tonnes traded throughout the day at $463-$472 a tonne fob ARA, down from $474-$490 a tonne fob ARA on Tuesday.
Total and Gunvor sold to Shell, BP, Rolympus and Varo.
There were no trades of premium unleaded gasoline barges.
The bid/offer range was $477-$478 a tonne fob ARA, down from a deal on Tuesday at $495 a tonne.
The September swap stood at around $467.50 a tonne, down from $480 a tonne at the close.
Gasoline barge refining margins rose to $9.21 a barrel, up from $8.93 a barrel on Tuesday.
Brent crude oil futures were down $1.18 cents at $47.19 a barrel by 1555 GMT.
US August RBOB gasoline futures were down 1.76 percent at 1.4228 a gallon.
The US gasoline crack was trading at $11.33 a barrel, up slightly from $11.10 a barrel.
Glencore sold a cargo to BASF at $371 a tonne cif Northwest Europe for Sept. 21-25 delivery.
BP sold a cargo to Gunvor at $371.50 a tonne cif Northwest Europe for Sept. 15-19 delivery.
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