LONDON: Northwest European gasoline refining margins jumped as regional stocks dropped sharply in the past week on heavy export activity.
Gasoline stocks in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 9.4pc in the week to Thursday, data from Dutch consultancy Insights Global showed.
The fall was prompted by busy export activity, particularly to the United States following a fire at a major refinery in Philadelphia, Lars van Wageningen of Insights Global said.
Gasoline exports from Europe to the US East Coast rose sharply in early July after a fire at a major refinery at the 335,000 barrel-per-day Philadelphia Energy Solutions refinery on June 21.
Around 18 tankers carrying a gasoline cargo of 37,000 tonnes, totalling 666,000 tonnes, or 5.62 million barrels, have been booked out of Europe on the transatlantic route in the first 10 days of July, according to shipping data obtained by Reuters.
US gasoline stocks fell last week by 1.6 million barrels, compared with analysts' expectations in a Reuters poll for a 2.2 million-barrel drop, according to EIA data.
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