LONDON: Benchmark European gasoline refining margins rose on Wednesday as stocks in the United States, the key consumer nation fell.
US gasoline stocks fell by 1.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.1 million barrels gain.
US gasoline margins slipped after the data was released, and the bulk of the decline was in the PADD 3 region - the Gulf Coast refining hub. Stocks rose in PADD 1, the East Coast demand centre, rose..
Lower gasoline availability in the US Gulf could enable more exports from Europe to Latin America, where there has been a steady appetite for cargoes due to persistent refinery problems across the region.
Buyers in West Africa were also keen for cargoes, including from Europe.
OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut.
GASOLINE
Gunvor sold to Shell one barge of benchmark Eurobob at $499 a tonne fob ARA.
Outside the window, some 20,000 tonnes of eurobob barges traded at $496-$505 a tonne fob Amsterdam-Rotterdam, compared with $489-$490.50 a tonne on Tuesday.
No barges of premium unleaded gasoline traded. An offer surfaced at $508 a tonne fob ARA, up from $504 on Tuesday.
The August swap stood at $499.50 a tonne at the close, up from $495 a tonne.
Brent crude futures were up 23 cents a barrel at $47.75 a barrel at 1548 GMT.
The benchmark ebob gasoline refining margin rose to $12.44 a barrel from $10.38 a barrel.
US front-month RBOB gasoline futures were up 0.36 percent at 1.5238 a gallon.
The RBOB crack versus US crude stood at $18.54 a barrel, down from $18.99 a barrel.
NAPHTHA
Glencore sold a cargo to PetroIneos at $406.50 a tonne cif NWE for August 1-5 delivery, up from the day-earlier trade at $404 a tonne.
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