Europe Gasoline/Naphtha-Cracks slip further alongside switch to winter grade
26/09/2023 17:21
LONDON, Sept 26 (Reuters) - Northwest European gasoline refining margins slipped further to around $14 a barrel on Tuesday as the market, where relatively small quantities switched hands, is switching to the cheaper winter grade. * 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. * Russia has made some changes to its fuel export ban, including lifting restrictions on fuel used as bunkering for some vessels and on diesel with high sulphur content, a government document showed just days after Moscow first announced the restrictions. * The indefinite Russian ban on all types of gasoline and high-quality diesel remains in place, according to the document dated Sept. 23. Analysts expect it to be short-lived and completely lifted once the harvest is over next month. * NWE gasoline exports to the United States in September so far are pegged at 694,000 metric tons compared with 828,000 in August, according to LSEG shipping data. * Exports from NWE to West Africa in September stand at around 852,000 tons so far, below the 991,000 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 Platts E5 (fob ARA)Ebob Barges E10 Platts(fo b ARA) Ebob $907 on $921.25 Total, Trafirg Barges 10kt on 6kt Petroin ura, Argus (4kt (3kt eos Glencor E5(fob Summer Summer e AR) and 6kt and 3kt Winter) Winter assesse d) Ebob assesse $906.25 Barges d on 6kt E10 Argus at$902. (3kt (fob AR) 75 Summer and 3kt Winter assesse d) October $872.50 $876.75 swap fob ARA Premium Unleaded (fob ARA) Cargoes (fob MED) Cargoes (cif NWE) Naphtha (cif NWE) Recent news on Unimot SA
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