Europe Gasoline/Naphtha-Gasoline cracks edge up as U.S. stocks seen falling

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- Northwest European gasoline refining margins rose to $22.72 a barrel on Monday as crude prices fell and U.S. gasoline stocks were predicted to fall.

  • A total of 6,000 metric tons of Eurobob E10 traded, with Gunvor and BP selling to Varo and ExxonMobil.

  • Another 8,000 tons of E5 gasoline traded. Trafigura sold to Mabanaft, BP and Litasco.

  • Oil prices fell more than $1 a barrel on Monday as Israel-Hamas ceasefire talks in Cairo tempered fears of a wider Middle East conflict, while U.S. inflation data dimmed the prospect of imminent interest rate cuts.

  • U.S. crude oil and product stockpiles were expected to have fallen last week, a preliminary Reuters poll showed on Monday.

  • Four analysts polled by Reuters estimated that crude inventories on average fell by about 1 million barrels in the week to April 26.

  • Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 7.5% during the week to Thursday, data from Dutch consultancy Insights Global showed.

  • Gasoline stocks partially recovered after a 13% drop the previous week, rising to 1.1 million tons.

  • Meanwhile, U.S. gasoline stocks fell last week by 600,000 barrels to 226.7 million barrels, the EIA said, compared with forecasts for a 1.8 million-barrel draw.

  • European gasoline exports in April are on track to reach 1.11 million barrels per day, Kpler data showed, higher than March's 1.02 million bpd.

  • Gasoline shortages have worsened in Nigeria's major cities, with long winding queues at fuel outlets on Monday, crippling transport and businesses and highlighting state oil firm NNPC Ltd's struggle to meet supply obligations.




Trade

Bid

Offer

Prev.

Buyer

Seller

Ebob Barges MOC Platts E5

(fob ARA)

EUROBOB-ARA








Ebob Barges E10 Platts(fob ARA)








Ebob Barges Argus E5(fob AR)

$930.75

-$933.75 (8KT)



$936.50-$942.25

Trafigura

BP, Mabanaft, Litasco

Ebob Barges E10 Argus (fob AR)

$926.50-$932.25 (6KT)



$933.50

Gunvor, BP

Varo, Exxon

May swap (fob ARA)

$930




$932.75



Premium Unleaded (fob ARA)

PU-10PP-ARA

$939-$943 (5 barges)



$943

Varo, Vitol

Musket, Trafigura

Cargoes

(fob MED)


May +$2





Cargoes (cif NEW)







Naphtha

(cif NWE)

NAF-C-NWE



May +$10

May +$13





Ebob crack (per barrel)

$22.720

Prev. $21.817

Brent futures

LCOc1

Rbob

RBc1

Rbob crack

RBc1-CLc1


(Reporting by Noah Browning; Editing by Richard Chang)

((Noah.Browning@thomsonreuters.com))

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