Europe Gasoline/Naphtha-Gasoline margins start week at just under $8/bbl
- Gasoline shortages that have plagued the US East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as the country's largest fuel pipeline network recovered from a crippling cyberattack.
- There was no long list of buyers of European cargoes, neither from the United States nor Europe, according to a market participant on Monday.
LONDON: Benchmark northwest European gasoline margins started the week at just under $8 a barrel, slightly above the previous session, as supplies from the Colonial Pipeline on the US East Coast have restarted.
Gasoline shortages that have plagued the US East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as the country's largest fuel pipeline network recovered from a crippling cyberattack.
There was no long list of buyers of European cargoes, neither from the United States nor Europe, according to a market participant on Monday.
On Friday, Refinitiv Oil Research said it was tracking exports of northwest European gasoline to the United States at 439,000 tons that week, aboard nine tankers. This was more than double the 190,000 tons registered in the previous week.
May loadings, according to the Refinitiv analysis, are tracking at over 1 million tons. Still, volumes remain below April's 1.2 million tons.
Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 2.5% in the week to Thursday. They dropped due to strong exports to the United States after a cyberattack shut down the Colonial Pipeline for days, said Insights Global's Lars van Wageningen.
US refiner Citgo received the second Jones Act waiver granted by the US government after a cyberattack shut the Colonial Pipeline late last week, according to two sources familiar with the matter.
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