Europe Gasoline/Naphtha-Gasoline cracks rise as crude price falls

LONDON: Gasoline refining margins in northwest Europe rose on Tuesday as crude prices fell.

The US Environmental Protection Agency has granted a financial hardship waiver to an oil refinery owned by billionaire Carl Icahn, a former adviser to President Donald Trump, exempting the Oklahoma facility from requirements under a federal biofuels law, according to two industry sources briefed on the matter.

Marathon Petroleum Corp said on Monday it would buy rival Andeavor for more than $23 billion, forming a company that will leapfrog Valero Energy Corp as the largest independent US refiner by capacity.

GASOLINE

There were no trades of eurobob gasoline during the afternoon trading window. Bid-offer discussions emerged at $702-$703 a tonne fob ARA, down from a bid at $711 a tonne fob ARA on Monday.

Elsewhere, 17,000 tonnes of eurobob traded on barges at $695.50-$708.00 a tonne fob AR. AOT, Total and Prax sold to Shell, Finco and Trafigura.

No barges of premium unleaded gasoline traded. An offer came in at $707 a tonne fob ARA, down from an offer at $717 a tonne on Monday.

No cargoes traded. A bid emerged at $699.25 a tonne fob Med.

The June swap stood at $703.75 a tonne at the close.

The benchmark EBOB gasoline refining margin rose to $9.209 a barrel from at $7.691 a barrel.

Brent crude futures were down $1.08 to $73.61 a barrel by 1617 GMT.

US front-month RBOB gasoline futures were down 1.7 percent at $2.0953 a gallon.

The US RBOB refining margin  was down 3 percent at $20.29 a barrel.