Benchmark northwest European gasoline refining margins declined on Tuesday as exports to the United States slowed down. Gasoline exports from Europe to the US East Coast remained subdued as supplies in the Atlantic basin were expected to rise, traders said.
Strong US gasoline exports should continue to pressure EBOB cracks in particular as monthly data suggests that European flows to the United States are down some 50,000 barrels per day year-to-date, according to Vienna-based consultancy JBC Energy.
At least two long-range tankers which can carry an 80,000 tonne cargo each of gasoline have been booked in the past week to move gasoline from northwest Europe to West Africa and the Middle East, according to shipping data.
Prices of US biofuels blending credits hit fresh five-year lows on Monday as expectations mounted the administration of US President Donald Trump would soon announce plans for an overhaul of the biofuels program, traders said.
No EBOB barges traded in the afternoon window.
Elsewhere, 18,000 tonnes of Eurobob gasoline traded at $705.50-$721 a tonne fob Amsterdam-Rotterdam, compared with $715.50-$727.50 a tonne on Monday. Total, NIC, AOT and Gunvor sold to Shell, Finco, BP and Varo.
Statoil sold to Total one barge of premium unleaded gasoline at $711 a tonne fob ARA, down from $715 a tonne a day earlier.
The June swap stood at $706.50 a tonne at the close, down from $711.50 a tonne. The benchmark EBOB gasoline refining margin declined to $12.28 a barrel from $12.46 a barrel.
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