LONDON: Gasoline refining margins in northwest Europe dropped to around $8 a barrel on Monday amid a broad sell off in oil prices.
Bookings of gasoline cargoes out of the region slowed on Monday as the recent decline in US prices weakened the arbitrage economics, traders said.
Overall exports were nevertheless relatively strong for the time of year, with cargoes heading to Canada, Brazil and West Africa.
China continued to attract cargoes of reformate, according to shipping data, supporting European prices.
Gasoline stocks have risen in the Atlantic Basin over the past week, with Amsterdam-Rotterdam-Antwerp independent stocks up 3 percent in the week to Thursday and US gasoline stocks 1.1 million barrels higher.
GASOLINE
Gunvor sold to Shell one barge of winter-grade gasoline at $529 a tonne fob ARA, down from a trade at $547 a tonne on Friday.
Elsewhere during the day, some 16,000 tonnes of winter-grade gasoline traded at $537.50-$545 a tonne fob Amsterdam-Rotterdam, compared with $556 a tonne the previous trading day. BP and Total sold to Gunvor and Shell.
Gunvor sold to Total one barge of premium unleaded gasoline at $545 a tonne fob ARA.
BP offered a cargo fob basis Rijeka at ?542 a tonne.
The October swap stood at $525 a tonne at the close, down from $548.50 a tonne.
The benchmark EBOB gasoline refining margin declined to $8.01 a barrel from $9 a barrel.
Brent crude futures were $1.06 lower at $55.73 a barrel at 1601 GMT.
US front-month RBOB gasoline futures were down 2.7 percent at 1.5487 a gallon.
The RBOB crack versus US crude was 2.3 percent lower at $14.80 a barrel.
NAPHTHA
No cargoes traded.
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