LONDON: Gasoline prices and refining margins climbed again in northwest Europe on Friday as maintenance cut into availability and demand in export markets remained robust.
While European trading is limited as the market prepares for the switch from summer to winter grade this month, West African consumption is creating continual demand for cargoes, particularly as buyers look to book any surplus summer-grade supplies out of Europe.
"Supply is pretty tight until the end of this month," one trader said. "It's fairly uncertain times at the moment."
Valero's 270,000 barrel per day Pembroke refinery is starting a one-month turnaround at its gasoline-making fluid catalytic cracker, joining a variety of other European refineries undergoing maintenance.
On the other side of the Atlantic, Irving Oil in New Brunswick, an important supplier of gasoline to New York Harbor, began an eight-week annual turnaround at its 300,000 barrel per day refinery.
GASOLINE:
Two barges of benchmark Eurobob gasoline traded in the afternoon price assessment window at $922 a tonne fob ARA, slightly higher than Thursday's trades. BP sold both to Shell.
About 9,000 tonnes traded ahead of the window at prices from $942-948 a tonne fob ARA, above the $936-$937 traded on Thursday.
The early trades came at premiums to the October swap of $60.50-64.50 a tonne, compared with $61-62 a tonne on Thursday.
The October swap traded at $871.50 a tonne fob ARA at end of trade.
Three barges of premium unleaded gasoline traded at $953-955 a tonne fob ARA, up from $947 a tonne fob ARA.
At 1400 GMT, Eurobob's crack to dated Brent was at about $13.72 a barrel, up from $12.96 a barrel on Thursday.
Brent crude oil futures were down 68 cents at $97.40 a barrel.
US RBOB gasoline futures for October were down 0.17 percent at $2.5208 a gallon. The prompt crack was at $12.75 a barrel, a 43 cent decline.
NAPHTHA:
No naphtha cargoes traded.
Glencore bid at $836 a tonne fob ARA while BP offered at $843 a tonne.
The prompt naphtha crack was at about minus $2.70 a barrel, up from minus $3.82 a barrel, according to a Reuters calculation.
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