Europe Gasoline/Naphtha-Margins drop as ample supplies offset Red Sea concerns

Frontline

19/12/2023 17:15

LONDON, Dec 19 (Reuters) - Northwest European gasoline
refining dropped to $7.2 a barrel on Tuesday as ample supplies
in the Atlantic basin offset concerns due to tanker disruptions
in the Red Sea.
    * A total of 14,000 metric tons of Eurobob E5 barges traded,
with
Shell, Varo, Total selling to Trafigura, BP and Mabanaft.
    * European gasoline prices remained relatively stable in the
wake
of the disruption to vessel traffic in the Red Sea in recent
days due to high inventory levels in the U.S. Gulf Coast and
northwest Europe, traders said.
    * BP temporarily paused all transits through the Red Sea and
oil
tanker group Frontline on Monday said its vessels will avoid
passage through the waterway.
    * European gasoline exports to the United States and West
Africa
are off to a slow start so far this month compared with
November's levels, LSEG analyst Raj Rajendran said.
    * Gasoline loadings in northwest Europe and the western
Mediterranean this month are estimated at 1.22 million metric
tons, down from 2.17 million tons last month, LSEG tracking
show.


            Trades   Bids     Offers   Prev.    Sellers  Buyers
            (vol.)                     Trades            
 Ebob                                  $727.50           
 Barges                                                  
 MOC                                                     
 Platts E5                                               
 (fob ARA)                                               
                                                     
 Ebob                                  $728              
 Barges                                                  
 E10                                                     
 Platts(fo                                               
 b ARA)                                                  
 Ebob       $729-$7                    $735.50  Shell,   Trafigu
 Barges     44                         (4KT)    Varo,    ra, BP,
 Argus                                          Sahara   Mabanaf
 E5(fob                                                  t
 AR)                                                     
 Ebob       $728,                      $727     Shell,   Varo,
 Barges     $745.50                    11KT     Exxon,   Total
 E10 Argus                                      BP       
 (fob AR)                                                
 Jan. swap  $742.50                    $741.25           
 fob ARA                                                 
 Premium                                                 
 Unleaded                                                
 (fob ARA)                                               
                                                     
 Cargoes                                                 
 (fob MED)                                               
 Cargoes                                                 
 (cif NEW)                                               
 Naphtha             Jan                                 
 (cif NEW)           +$14                                
                                                       
 
     
 Ebob crack (per barrel)   $7.2           Prev. $8.6
 Brent futures              LCOc1 
 Rbob                       RBc1 
 Rbob crack                 RBc1-CLc1 
 
 (Reporting by Ron Bousso; editing by David Evans)
 ((Ron Bousso
email: ron.bousso@thomsonreuters.com
Twitter: https://twitter.com/ronbousso1
Tel.: +44 (0)207 542 2161
Reuters Messaging: ron.bousso.reuters.com@reuters.net))