Gasoline refining margins in northwest Europe declined on Thursday amid a broad selloff in oil futures. ARA gasoline stocks fell slightly in the week to Thursday to 1.323 million tonnes, with exports to Latin America and the United States rising compared to recent weeks, PJK International's Lars van Wageningen said. US gasoline stocks rose by 2.5 million barrels last week, compared with analysts' expectations in a Reuters poll for a 190,000-barrel drop, according to US Energy Information Administration data on Wednesday.
German cities are able to ban the most polluting diesel cars after a landmark court ruling, allowing them to decide the extent to which any curbs should be implemented, if at all. Spain's Petronor said it planned to shut its gasoline-making fluid catalytic cracker (FCC) at its 220,000 barrel per day Bilbao refinery on March 1 for planned maintenance.
China will cut the retail price of diesel by 185 yuan ($29) per tonne and gasoline by 190 yuan per tonne from Thursday, the National Development and Reform Commission said on Wednesday. Two barges of eurobob gasoline traded at $584 a tonne fob ARA, down from $594 a tonne on Wednesday. Gunvor sold to Varo and Trafigura. Elsewhere, 26,000 tonnes on gasoline barges traded at $589 a tonne fob Amsterdam-Rotterdam, compared with $603-$613 a tonne the previous session. Litasco, Total and Gunvor sold to BP, Shell, Castleton and Finco.
Statoil sold to Total one barge of premium unleaded gasoline at $619 a tonne fob ARA, down from $629 a tonne the previous day. The April swap stood at $632.40 a tonne at the close. The benchmark EBOB gasoline refining margin declined to $5.79 a barrel from $6.02 a barrel a day earlier. Brent crude futures were down $1 a barrel at $63.73 a barrel by 1629 GMT.
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