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Europe Gasoline/Naphtha-Cracks rise on OPEC cuts, more exports

Reuters - UK Focus

LONDON, Sept 29 (Reuters) - Gasoline cracks in northwest Europe firmed on Thursday, buoyed by higher overseas demand and a strong rally in oil futures following OPEC's decision to cut output.

* Shipping reports showed several new bookings to move gasoline cargoes on transatlantic routes, to West Africa and to the Middle East.

* Upcoming refinery turnarounds in the Middle East were boosting demand for importing the motor fuel from the Mediterranean region, traders said.

* Stocks of refined oil products held independently in the Amsterdam-Rotterdam-Antwerp oil hub rose by more than 6 percent in the week to Thursday, Dutch consultancy PJK International said.

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* Gasoline stocks were up nearly 5 percent to 756,000 tonnes.

* Stocks were higher largely because low water levels on the Rhine were preventing barges from loading to full capacity and oil products were being stranded in the hub, said PJK's Jacob van den Berge.

* The CME Group said on Wednesday it had declared a "force majeure" event to allow only RBOB gasoline to be delivered against the NYMEX October 2016 futures contract.

GASOLINE

* No barges of benchmark Eurobob traded.

* Some 5,000 tonnes of winter gasoline traded earlier in the day at $487 a tonne fob Amsterdam-Rotterdam, up from $470-$481 a tonne on Wednesday. Gunvor sold to Varo, BP and D&S Mineraloel.

* There were no trades for barges of premium unleaded but bid and offer discussions emerged at $507-$508 a tonne fob ARA, up from an offer the previous day at $475 a tonne.

* The October swap stood at $489 a tonne at the close, up from $463 a tonne.

* Gasoline barge refining margins rose to $9.35 a barrel from $7.64 a barrel on Wednesday.

* Brent crude oil futures were up 74 cents a barrel at $49.43 by 1542 GMT.

* U.S. October RBOB gasoline futures were down 0.25 percent at 1.4740 a gallon.

* The U.S. gasoline crack (RB-CL1=R) was trading at $12.77 a barrel, down from $12.91 a barrel.

NAPHTHA (NAF-C-NWE)

* Glencore (Frankfurt: 8GC.F - news) sold a cargo to Gunvor at $417 a tonne cif ARA.

(Reporting by Ahmad Ghaddar)