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Europe Gasoline/Naphtha-Gasoline cracks soar above $7/bbl as crude weakens

PUBLISHED: Thu, 25 Mar 2021 17:21:55 GMT

LONDON, March 25 (Reuters) – Benchmark northwest European gasoline margins rose above $7 a barrel on Thursday, a level last seen a year ago, as demand concerns due to the coronavirus pandemic weighed on crude oil prices this week. * A giant container ship blocking Egypt’s Suez Canal might be stuck for weeks, the salvage company said, throttling oil and fuel shipments connecting Europe, the Middle East and Asia. * As of Thursday, two middle distillate cargoes carrying diesel and jet fuel were waiting to travel into the Mediterranean, while two vessels carrying naphtha were waiting to start their journey east, tanker tracking firm Kpler said. * Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 2.4% to 1.41 million tonnes, helped by rising exports to West Africa, data from Insights Global showed. * Commodities broker Marex Spectron announced on Thursday the acquisition of Starsupply, a Rotterdam-based broker of physical oil products. * U.S. gasoline stocks rose last week by 203,000 barrels to 232.3 million barrels, the Energy Information Administration said on Wednesday.​ Gasoline (in tonnes) Trades Bids Offers Prev. Sellers Buyers (vol.) Trades Ebob $588 $603 Vitol Litasco Barges MOC Platts E5 (fob ARA) <EUROBOB -ARA> Ebob Barges E10 Platts(f ob ARA) Ebob WINTER: WINTER:$ Litasco Total, Barges $555.5 557.75 – , Shell Mabanaf Argus $570.25 t E5(fob SUMMER: AR) $605 SUMMER: $588.75 – $603.50 Ebob WINTER Barges $566 – E10 $582.75 Argus (fob AR) SUMMER $613 – $613.25 April $610.25 swap fob ARA Premium $600, Petroin Shell Unleaded $605 eos (fob ARA) <PU-10PP -ARA> Cargoes 1 cargo Vitol Shell (fob (fob MED) Milazzo) Cargoes (cif NWE) Naphtha (cif NWE) <NAF-C-N WE> Ebob crack (per barrel) $7.8 prev. $5.5 Brent futures Rbob Rbob crack <RBc1-CLc1> (Reporting by Shadia Nasralla, editing by Ed Osmond)

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