Europe Gasoline/Naphtha-Margins slip as oil prices recover

Frontline

22/12/2023 13:33

LONDON, Dec 22 (Reuters) - Northwest European gasoline
refining margins fell by about $1 to $5.91 a barrel on Friday as
underlying oil prices firmed, and as liquidity slipped.
    * A total of 8,000 metric tons of Eurobob E5 barges traded,
down
from 10,000 the previous day. Shell and Varo sold to Trafigura
and BP. 
    * Eurobob E10 liquidity was 10,000 tons, sharply below
Thursday's
18,000 tons, as Exxon sold barges to Total, Mabanaft, and Varo.
    * From January, price reporting agency Argus Media plans to
make
the non-oxy, or Eurobob E10, barge price its main benchmark as
it moves to assessing Eurobob E5 as a differential. It will also
use an E10 derivative as the basis of its Eurobob trades.
    * Meanwhile, gasoline stocks in Amsterdam-Rotterdam-Antwerp
hub
fell by 6.65% in the week to Dec. 21 to 983,000 tons, as naphtha
fell by 7% to 265,000 tons, according to consultancy Insights
Global.
    * Large exports to West Africa in particular prompted the
gasoline
stock draw on the week, Insights Global's Lars van Wageningen
said, offsetting sluggish gasoline blending demand.


            Trades   Bids     Offers   Prev.    Sellers  Buyers
            (vol.)                     Trades            
 Ebob                                                    
 Barges                                                  
 MOC                                                     
 Platts E5                                               
 (fob ARA)                                               
                                                     
 Ebob                                                    
 Barges                                                  
 E10                                                     
 Platts(fo                                               
 b ARA)                                                  
 Ebob       $734.50                    $737.75  Varo,    Trafigu
 Barges     (8KT)                      on 10KT  Shell    ra, BP
 Argus                                                   
 E5(fob                                                  
 AR)                                                     
 Ebob       $733.75                    $731.25  Exxon    Totsa,
 Barges     (10KT)                     on 18KT           Varo,
 E10 Argus                                               Mabanaf
 (fob AR)                                                t
 Jan. swap  $738.75                    $735.75           
 fob ARA                                                 
 Premium    $805                                Gunvor   Trafigu
 Unleaded                                                ra
 (fob ARA)                                               
                                                     
 Cargoes             Jan +$1                             
 (fob MED)           (fob                                
                     Barcelo                             
                     na);                                
                     Jan +$8                             
                     (fob                                
                     Tangier                             
                     )                                   
 Cargoes    $812                                Gunvor   Vitol
 (cif NWE)  (cif                                         
            Thames)                                      
 Naphtha             Jan +$4  Jan +$8                    
 (cif NWE)                                               
                                                       
 
     
 Ebob crack (per barrel)   $              Prev. $
 Brent futures              LCOc1 
 Rbob                       RBc1 
 Rbob crack                 RBc1-CLc1 
 
 (Reporting by Ahmad Ghaddar)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters
Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))