MANILA: Benchmark northwest European gasoline barge refining margins jumped on Thursday to over $19 a barrel as oil prices fell and US inventories declined.
At least three cargoes of gasoline were provisionally booked on Thursday to load around mid-April out of Baltic ports and ARA to West Africa, according to shipping data. One gasoline cargo was also booked with an option to go on a transatlantic route.
Easing gasoline taxes across many developed and emerging markets is delaying demand destruction, analysts at MUFG said, supporting oil prices.
The Good Friday and Easter Monday holidays have reduced the interest for spot business, traders said.
Exports of gasoline from Northwest Europe to the United States were estimated by Refinitiv to be around 296,000 tonnes this week, more than twice the volume in the previous week.
US gasoline stocks fell last week by 3.6 million barrels, EIA data showed, compared with expectations for a 388,000-barrel drop.
Chinese refiners are set to cut crude throughput this month by about 6%, a scale last seen in the early days of the COVID-19 pandemic two years ago, to ease bulging inventories as recent COVID lockdowns undercut fuel consumption, industry sources and analysts said.