LONDON: Northwest European gasoline barge refining margins turned negative on Friday for first time since December 2013 on the back of a glut of supplies in the Atlantic basin, according to Refinitiv Eikon data.
Profit margins of Eurobob gasoline barges against dated Brent were calculated at around -$0.906 a barrel at 1011 GMT, the lowest since Dec. 2, 2013.
US gasoline stocks rose by 1 million barrels last week, according to Energy Information Administration data.
As the United States is one of the main export regions targeted by European sellers, the rise weighs on already weak export economics in the Atlantic basin.
Stocks in the independent storage in the Amsterdam-Rotterdam-Antwerp region fell by 2.3 pct in the week to Thursday, according to data from Dutch consultancy PJK International. But stocks remained elevated at over 1 million tonnes and were 34 percent higher than a year ago.
Comments
Comments are closed for this article.