LONDON: Gasoline margins continued to decline on the back of firming crude prices and an on-going glut.
The recent sharp fall in Venezuela's refining output is also unlikely to mop up the oversupply in Europe as additional demand is expected to be met by products from the US Gulf.
Processing at the 955,000-barrel-per-day Paraguana Refining Center (CRP) dropped to some 260,000 bpd, union leader and PDVSA critic Ivan Freites said on Monday, contributing to a gloomy outlook for Venezuela's oil sector.
Indonesia, Asia's top gasoline importer, has been raising gasoline output to cut its dependence on imports. State-owned Pertamina is targeting a 29 percent increase in domestic gasoline production to 101 million barrels this year.
GASOLINE
Gunvor sold a barge of benchmark Eurobob to Shell at $484 a tonne fob ARA, up from Monday's deal at $482 a tonne.
Six barges of Eurobob traded outside the window at $489-$492 a tonne fob ARA. Varo, Total and Rolympus sold all to Gunvor.
Rolympus sold four barges of premium unleaded to Total at $489-$490 a tonne fob ARA.
The July swap stood at $490 a tonne at the close, up from $487 a tonne on Monday.
Gasoline barge refining margins declined to $11.74 a barrel, from $12.29 a barrel. Brent crude oil futures were trading 81 cents a barrel higher at $47.97 a barrel at 1539 GMT.
US July RBOB gasoline futures were up 1.01 percent at 1.4916 a gallon.
The US gasoline crack was trading at $15.92 a barrel, down from $16.30 a barrel.
NAPHTHA
There were no naphtha cargo trades.
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