Benchmark northwest European gasoline refining margins ended the week nearly 25 percent lower, weighed down by rising global supplies and slow exports to the United States ahead of peak summer demand. Jefferies: Margins fell sharply in all regions on continued gasoline weakness ... The gasoline market appears adequately supplied, with OECD inventories near average levels and US inventories around 2 million bbls below the top of their 5-year seasonal range.
Jefferies: Gasoline cracks are approaching the bottom of their 5-year seasonal range in the Atlantic Basin, and are below average in Singapore. Gasoline exports from Europe to West Africa rose in recent days with around 700,000 tonnes expected to load in June, according to shipping data and traders. Nigeria has rolled over its crude for oil products contracts by six months until the end of the year, the head of the country's NNPC oil company told Reuters on Thursday.
ARA gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp refining and storage hub declined by 3.6 percent in the week to Thursday, data from Dutch consultancy PJK International showed.
The US Environmental Protection Agency will propose setting a 19.88-billion-gallon biofuels blending mandate in 2019 under the Renewable Fuel Standard, up about 3 percent from 2018, according to two sources briefed on the matter. GASOLINE No barges of Eurobob gasoline traded in the afternoon window. Elsewhere, 11,000 tonnes of Eurobob gasoline traded in a range of $683-$693 a tonne fob ARA, compared with $677-$685 a tonne on Thursday. Litasco, Varo and BP sold to Gunvor, Shell and Castleton.
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