Europe Gasoline/Naphtha-Cracks weaken, ARA stock draw caps losses
LONDON, Oct (HKSE: 3366-OL.HK - news) 6 (Reuters) - Gasoline refining margins in northwest Europe fell on Thursday in limited trading activity and as crude futures strengthened, but a big draw in ARA inventories limited losses.
* Gasoline stocks fell by nearly 18 percent in the week to Thursday to 622,000 tonnes, their lowest since late 2014, according to data from Dutch consultancy PJK International.
* Increased export activity to the United States and West Africa and backwardation in the gasoline forward market contributed to the fall, PJK's Patrick Kulsen said.
* But a build in U.S. gasoline inventories last week has hit transatlantic export economics, traders said.
* U.S. gasoline stocks rose by 222,000 barrels last week, compared with analyst expectations in a Reuters poll for a 702,000-barrel gain, the U.S. Energy Information Administration said on Wednesday.
* Nigerian demand for Europe gasoline remains firm, as a result of a resumption in exports of crude oil streams that had been closed, enabling the country to swap more oil for gasoline.
GASOLINE
* No trades of benchmark Eurobob gasoline barges emerged during the afternoon window.
* During the day, around 4,000 tonnes traded at an average of $511 a tonne fob Amsterdam-Rotterdam, compared with trades at $521 a tonne the previous day.
* There were no trades of premium unleaded gasoline barges. Bid and offer discussions emerged at $518-$519 a tonne fob ARA, compared with trade levels of $525-$527 a tonne the previous day.
* The November swap stood at $495.50 a tonne at the close, up slightly from $495 a tonne.
* Gasoline barge refining margins fell to $10.66 a barrel from $11.94 on Wednesday.
* Brent crude oil futures for December delivery were up 54 cents a barrel at $52.40 by 1544 GMT.
* U.S. November RBOB gasoline futures were down 0.05 percent at $1.4921 a gallon.
* The U.S. gasoline crack (RB-CL1=R) was trading at $12.37 a barrel, down from $13.19 a barrel.
NAPHTHA (NAF-C-NWE)
* No cargoes traded.
(Reporting by Ahmad Ghaddar; Editing by Amanda Cooper)