Benchmark northwest European gasoline refining margins rose on Tuesday as exports to West Africa and the US East Coast picked up in recent days, traders said. At least nine tankers were provisionally booked in the past week to load gasoline in Europe to go to West Africa, shipping reports showed. Over 20 tankers were provisionally booked over the same period to go on transatlantic journeys, mostly to the United States, Canada and Mexico.
Gasoline tanker fixtures to West Africa increased in recent weeks, with around 305,000 tonne booked to load out of Europe so far in June, according to Reuters shipping data. Nigerian crude-for-products swaps were expected to be launched later this month, according to traders. Asian naphtha crack extended losses and hovered near a two-month low. Rising supplies of naphtha from the western hemisphere to Asia are seen eroding the petroleum product's spot premium which hit a near four-year high last month.
Around 1.4 million tonnes of the fuel, which is used in the petrochemical industry and also used to blend with petrol, are expected to land in Asia in July, the highest monthly level since February, three traders who track the fuel said. No EBOB barges traded in the afternoon window. Elsewhere, 22,000 tonnes of Eurobob gasoline traded at $690-$690.50 a tonne fob Amsterdam-Rotterdam, compared with $680-$692 a tonne on Monday. Gunvor sold a barge of premium unleaded gasoline to Total at $692 a tonne fob ARA, down from $696 a tonne.
Comments
Comments are closed for this article.