Europe Gasoline/Naphtha-Crack stable after drop due to winter grade switch
27/09/2023 17:20
LONDON, Sept 27 (Reuters) - Northwest European gasoline refining margins were broadly stable at around $14 a barrel on Wednesday after a quiet trading session in which no summer grade deals took place. * Switch to winter grade will complete on Thursday. * U.S. gasoline stocks USOILG=ECI rose by 1 million barrels in the week to 220.5 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 120,000-barrel drop. EIA/S * Poland's Unimot UNTP.WA has emerged as one of the possible buyers of a 37.5% stake oil major Shell SHEL.L owns in Germany's PCK Schwedt refinery, two people familiar with the matter said. * Shell SHEL.L CEO Wael Sawan has come under pressure over his strategy from within the energy company after two employees issued a rare open letter urging him not to scale back investments in renewable energy, sparking an internal debate. * Russian President Vladimir Putin on Wednesday ordered his government to make sure retail fuel prices stabilise and urged additional measures to balance the domestic market following the introduction of a ban on gasoline and diesel exports. * NWE gasoline exports to the United States in September so far are pegged at 736,000 metric tons compared with 828,000 in August, according to LSEG shipping data. * Exports from NWE to West Africa in September stand at around 856,000 tons so far, below the 968,000 tons in August, the data showed. * Sparta Commodities analyst Philip Jones-Lux said he saw an upside for European gasoline markets in the coming weeks as the "cost spread between sourcing barrels out of the U.S. Gulf Coast vs ARA (for the Atlantic basin) has taken another step wider this past week despite the tightening of the ARA component market". Trades Bids Offers Prev. Sellers Buyers (vol.) Trades Ebob Barges MOC $922 Platts E5 (fob ARA)Ebob Barges E10 Platts(fo b ARA) Ebob Gunvor BP Barges no Argus summer $907 on E5(fob grade 10kt AR) deals; (4kt winter Summer $902.50 and 6kt (2KT); Winter) assesse d at $934.71 Ebob Total, BMV, Barges no Varo Mabanaf E10 Argus summer assesse t, BP (fob AR) grade d deals; at$902. winter 75 $916-$9 20 (6KT); assesse d at $925.58 October swap fob ARA $898.25 $872.50 Premium Unleaded (fob ARA) Cargoes $Oct (fob MED) +$7 (SPB) Cargoes (cif NWE) Naphtha Oct -$3 Oct (cif NWE) to +$1 flat to Recent news on Unimot SA
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