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LONDON: Benchmark northwest European gasoline margins fell on Friday to around $3.7 per barrel as Texas energy companies began preparing to resume oil and gas production. Power shortages in Texas due to an extreme cold snap had supported European gasoline cracks for four consecutive session.

Massive refining outages in Texas due to freezing weather have led to a flurry of fuel tanker bookings from Europe, while several carriers were diverting away from the US Gulf Coast, traders and analysts said.