LONDON: Northwest European gasoline refining margins slightly declined on Wednesday but remained supported by refinery shutdowns in the US Gulf Coast. US gasoline stocks fell last week by 4.6 million barrels, compared with analysts' expectations for a 1.5 million barrel drop, EIA data showed.
Refinery crude runs rose by 225,000 barrels per day, EIA data showed. The transatlantic arbitrage economics weakened after hitting their highest since early June the previous day. Hurricane Laura strengthened as it churned over evacuated oil-production platforms in the US Gulf of Mexico and took aim at the energy industry's refining hub along the Texas/Louisiana coast.
Exxon Mobil Corp cut production at its 369,024 bpd refinery in Beaumont, Texas, to minimum rates overnight ahead of a possible shutdown starting as early as Tuesday because of the storms. Colonial Pipeline Co is allocating space for Cycle 51 shipments on Line 1, its main gasoline line, the company said in a notice sent to shippers on Tuesday.