January 10, 2013 / 6:02 PM / 5 years ago

Europe Gasoline/Naphtha-Cracks firm despite falling U.S. demand

By Simon Falush
    LONDON, Jan 10 (Reuters) - Gasoline cracks bounced to their
highest in a month on Thursday, supported by demand from the
United States, traders said.
    A number of refinery maintenance and pipeline problems in
the United States have left stocks on the east coast relatively
low, which has led to cargoes being brought over from Europe.
    "Continued misshaps have kept Padd1 stocks below average
levels, accordingly we are still seeing north-west European
stocks being booked for transatlantic shipments, which means
gasoline is finding some support," a trader said.
    Weekly gasoline stocks independently held in
Amsterdam-Rotterdam-Antwerp trading hub rose 8.6 percent to
754,000 tonnes, independent analyst Pieter Kulsen said. 
     European oil product stocks fell month-on-month in
December, while crude stocks gained on the year, data from
industry monitor Euroilstock showed.
    Gasoline stockpiles fell 0.1 percent on the month and were
4.4 percent lower than last year at 105.49 million barrels.
Naphtha stocks fell 10.7 percent from the previous year to 29.92
million barrels the data showed.  
      
    GASOLINE 
    * No barges of benchmark Eurobob traded in the window for a
second day.
    * Some 5,000 tonnes traded ahead of the window at
$987-$994.50 a tonne fob ARA, up from the $979-$981 a tonne the
day before. 
    * Chevron sold, Cargill bought, while Trafigura and Gunvor
appeared on both sides of trades. The earliest trade came at a
premium to the February swap of about $3.75 a tonne, while they
fell to as low as 50 cents a tonne.
    * Three barges of premium unleaded gasoline traded at
$1,022-$1,025 a tonne fob ARA, up from the $1,010 a tonne fob
ARA, the day before. Gunvor and Trafigura sold to Litasco.
    * At 1724 GMT, Brent crude oil futures were up 57
cents at $112.33 a barrel. 
    * Eurobob's crack to dated Brent was at around $3.80
a barrel, the highest since Dec. 11.
    * February U.S. RBOB gasoline futures were up 0.61
percent at $2.7958 a gallon.
    * RBOB's crack to U.S. crude oil futures was
trading at around $23.41 a barrel, up from $24.11 a barrel,
around the same time on Wednesday.
         
    NAPHTHA 
    * Eight naphtha cargoes traded at $922-$930 a tonne cif New,
down from the $932 a tonne the day before.
    * Morgan Stanley, Vitol and Glencore sold to Trafigura,
Shell, Koch and BP.     
    * The prompt naphtha crack was at about minus $6.90 a
barrel, around 15 cents weaker than at the same time the
previous session.

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