Europe Gasoline/Naphtha-Cracks fall on Wednesday

Frontline

03/01/2024 18:03

LONDON, Jan 3 (Reuters) - Northwest European gasoline
refining margins fell by around $3 a barrel on Wednesday, as
gasoline prices decreased in the face of crude gains.
    * Eurobob E5 crack spreads to Brent crude futures reached
$7.02 on
Wednesday, compared with $10.01 on Tuesday.
    * A total of 4,000 metric tons of Eurobob E10 traded on
Wednesday
at an average price of $714 a ton, with Shell selling the full
volume to Varo.
    * Eurobob E5 liquidity was higher at 8,000 tons traded, with
Shell
selling to Gunvor, Petroineos and Mabanaft.
    * Eurobob E5 values were assessed as flat against Eurobob
E10 on
Wednesday, according to market sources.
    * From the start of 2024 price reporting agency Argus Media
moved
its Eurobob oxy (E5) barge assessments to a differential to the
Eurobob non-oxy (E10) volume-weighted average barge price,
making the E10 barge its main volume-weighted average gasoline
barge assessment in Northwest Europe. 
    * Petroineos sold two premium unleaded barges to Gunvor at
$795 a
ton and a further barge at $790 a ton.
    * Demand for gasoline in Northwest Europe is being supported
by
buying for storage given a contango structure on the forward
curve, a trade source said.
    * January swaps were pricing $7.25 below contracts for March
on
Wednesday, according to market data.
    * "Europe is still pricing attractively into African and
Middle
East destinations, with the Middle East pricing
uncharacteristically high thanks to refinery maintenance," said
Philip Jones-Lux of Sparta Commodities.
    * The tanker SKS Doda - carrying 807,000 barrels of gasoline
and
blending components from Europe to Oman - is taking the longer
route around the Cape of Good Hope instead of the more direct
route through the Suez Canal and Red Sea, vessel tracking data
from Kpler showed. 


            Trades   Bids     Offers   Prev.    Sellers  Buyers
            (vol.)                     Trades            
 Ebob                                                    
 Barges                                                  
 MOC                                                     
 Platts E5                                               
 (fob ARA)                                               
                                                     
 Ebob                                                    
 Barges                                                  
 E10                                                     
 Platts(fo                                               
 b ARA)                                                  
 Ebob       $713.50                    $729.75  Shell    Gunvor,
 Barges     -728 on                    on 4KT            Petroin
 Argus      8KT                                          eos,
 E5(fob                                                  Mabanaf
 AR)                                                     t
 Ebob       $714 on                    $713-73  Shell    Varo
 Barges     4KT                        3.50 on           
 E10 Argus                             8KT               
 (fob AR)                                                
 Feb. swap  $739.50                    $720.25           
 fob ARA                                                 
 Premium    $790-79                    $770-77  Petroin  Gunvor
 Unleaded   5                          1        eos      
 (fob ARA)                                               
                                                     
 Cargoes                                                 
 (fob MED)                                               
 Cargoes                                                 
 (cif NEW)                                               
 Naphtha             2H Jan   Balmo                      
 (cif NEW)           +$7      Jan +$7                    
                                                       
 
     
 Ebob crack (per barrel)   $7.02          Prev. $10.01
 Brent futures              LCOc1 
 Rbob                       RBc1 
 Rbob crack                 RBc1-CLc1 
 
 (Reporting by Robert Harvey; Editing by Emelia
Sithole-Matarise)
 ((Robert.Harvey@thomsonreuters.com; +447552256587;))