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Europe Gasoline/Naphtha-Cracks dip on stock build, U.S. RINs rally

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 1 (Reuters) - Gasoline refining margins in northwest Europe dipped on Thursday after an increase in ARA supplies, while new U.S. regulations on biofuel blending targets supported.

* Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp hub rose by 7 percent in the week to Thursday, data from Dutch consultancy PJK International showed.

* That followed a larger than expected rise in gasoline stocks last week.

* U.S. RINs rose sharply on Thursday after the Environmental Protection Agency (EPA) set 2017 biofuels targets at a higher level than previously announced in May.

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* As a result, benchmark U.S. gasoline futures and European gasoline prices also rose sharply, further supported by continued gains in crude prices after OPEC's decision on Wednesday to cut output for the first time since 2008.

* The arbitrage from Europe to the U.S. East Coast was expected to open, but few new tanker fixtures were seen on the transatlantic route.

* A large fire has broken out at Eni (LSE: 0N9S.L - news) 's 200,000 barrels-per-day Italian refinery at Sannazzaro though there have been no reported injuries as yet, the spokesperson for the Italian fire brigade said on Thursday.

GASOLINE

* No barges of benchmark Eurobob gasoline traded. Bids were seen at $515 a tonne fob ARA.

* Elsewhere during the day, 8,000 tonnes of gasoline traded at $485-$518 a tonne fob ARA, up from $464 a tonne on Wednesday. BP, NIC (NasdaqGS: EGOV - news) and Shell (LSE: RDSB.L - news) sold to Varo and Gunvor.

* The December swap stood at $512.50 a tonne fob ARA at the close compared to $481 a tonne in the previous session.

* Rolympus sold to Total (LSE: 524773.L - news) one barge of premium unleaded gasoline at $525 a tonne fob ARA.

* Gasoline barge refining margins fell to $9.1 a barrel from $11.46 a barrel previously.

* U.S. December RBOB gasoline futures were trading 5.23 percent higher at 1.5602 a gallon by 1651 GMT.

* The U.S. gasoline crack (RBC1-CLC1) traded at $13.94 a barrel, up from $13.05 a barrel previously.

NAPHTHA (NAF-C-NWE)

* No trades were reported.

(Reporting by Ron Bousso)