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Europe Gasoline/Naphtha-Cracks climb further on US outages

Reuters - UK Focus

LONDON, Sept 15 (Reuters) - Gasoline refining margins in northwest Europe rose to a fresh near three-month high on Thursday after a large draw in ARA stocks and continued supply outages in the U.S. East Coast.

* Gasoline stocks held independently in the Amsterdam-Rotterdam-Antwerp oil hub dropped by 20 percent in the week to Thursday, Dutch consultancy PJK International said.

* The arbitrage from Europe to the U.S. East Coast stengthened on the U.S. outages, with several cargoes booked over the past 24 hours, according to Reuters shipping data.

* Demand from West Africa further supported.

* Colonial Pipeline shut its main gasoline line after a leak on Friday; It began operating the line at reduced rates on Wednesday and expects a full restart by the weekend.

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* BP will cut production this weekend by at least 50 percent on the large crude distillation unit for repairs at its 413,500 barrel per day Whiting, Indiana refinery, sources familiar with plant operations said on Thursday.

* Traders have said the Colonial outage, along with maintenance season for refiners would help alleviate the glut of gasoline in the East Coast market.

* Low water levels on the Rhine and Danube rivers in Germany after dry weather are preventing cargo vessels from sailing fully loaded, traders said.

GASOLINE

* There were no in the afternoon window.

* Some 6,000 tonnes traded earlier in the day at $473 a tonne fob ARA, compared with $476-$483 a tonne a day earlier.

* Rolympus sold to Total (LSE: 524773.L - news) two barges of premium unleaded gasoline at $502 a tonne fob ARA, up from $487 a tonne fob ARA on Wednesday.

* The October swap stood at around $463 a tonne, up from $449 a tonne at the close.

* Gasoline barge refining margins rose to $12.44 from $11.71 a barrel a day earlier, a fresh near three-month high.

* Brent crude oil futures were up 85 cents at $46.70 a barrel by 1553 GMT.

* U.S. August RBOB gasoline futures were up 3.9 percent at 1.4148 a gallon.

* The U.S. gasoline crack (RB-CL1=R) was trading at $15.37 a barrel, up from $12.67 a barrel.

NAPHTHA (NAF-C-NWE)

* BP sold a cargo to Gunvor at $389 a tonne cif Northwest Europe for Sept. 26-30 delivery, up from $381 a tonne.

(Reporting by Julia Payne)