Gasoline refining margins edged higher again in northwest Europe as late-year export demand, driven in part by refinery maintenance in other regions, helped clear out stocks. Oil product stocks in independently held storage in Europe's Amsterdam-Rotterdam-Antwerp hub fell to their lowest since December 2014 this week, data from Dutch consultancy PJK International showed.
Demand from China, Brazil, West Africa and the Middle East have helped clear cargoes, traders said. Refinery maintenance in the Middle East had taken out close to 120,000 barrels per day (bpd) in recent weeks, compared with the typical seasonal average of 75,000 bpd. The work amplified the region's need for imported fuel.
Maintenance at Reliance's behemoth 660,000 bpd Jamnagar refinery was also adding to Asian demand for light ends. The refinery's 210,000 bpd gasoline-producing fluid catalytic cracker (FCC) was shut down for maintenance and was also hit by a fire. US gasoline margins were also underpinned by a spate of unplanned refinery outages in the Gulf region. The US Chemical Safety Board began a probe on Wednesday into a large fire the day before at Exxon Mobil Corp's XOM.N Baton Rouge, Louisiana, refinery that critically injured four people, the agency said in a statement.
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