LONDON: Gasoline and naphtha refining margins in northwest Europe rose on Thursday on the back of west African demand, mainly from Nigeria, where more naphtha tends to be blended into gasoline than in Europe.
Gasoline stocks fell nearly 3 percent on rising exports in the week to Thursday, data from Dutch consultancy PJK International showed.
Naphtha margins were also underpinned by strong petrochemical margins and blending demand in the Mid-East Gulf, a trader said.
A significant draw on US propane stocks in the last week was also underpinning naphtha. As propane prices rise over the winter period due to heating needs, petrochemical demand will shift more to naphtha.
Oil products output at Europe's refineries rose 2.7 percent in November from October, data published by Euroilstock showed on Thursday.
GASOLINE
No barges of eurobob gasoline traded during the afternoon session. Bids emerged at $600 and $603 fob ARA, compared with bids on Wednesday at $604 a tonne. No offers surfaced.
Elsewhere during the day, 6,000 tonnes traded at $602 and $608 a tonne fob Amsterdam-Rotterdam, up from $597.50-$598.50 a tonne on Wednesday. Shell and Litasco sold to Gunvor.
Gunvor sold to Total two barges of premium unleaded gasoline at $605 a tonne for ARA, down from $606 and $607 a tonne fob ARA in the previous session.
There was no cargo activity in Northwest Europe.
The January swap stood at $600.50 a tonne at the close, compared with $601.00 a tonne in the previous session.
The benchmark EBOB gasoline refining margin rose to $7.4 a barrel from $6.6 a barrel at the previous close.
Brent crude futures were up 13 cents at $64.69 a barrel by 1700 GMT.
US front-month RBOB gasoline futures were up 0.31 percent at $1.7406 a gallon.
The RBOB crack versus US crude was up 0.39 percent at $15.25 a barrel.
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