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Europe Gasoline/Naphtha-Gasoline cracks slip as crude soars

Reuters - UK Focus

LONDON, Nov 21 (Reuters) - Gasoline refining margins in northwest Europe eased on Monday as crude jumped about 4 percent but overseas demand capped losses.

* Brent crude futures rose sharply on Monday on a weaker dollar and as major oil producing countries appeared to be moving closer to agreeing to limit output.

* Shipping reports showed continued interest in shipping gasoline from Europe on transatlantic journeys and to the Middle East.

* Nigeria's recession deepened in the third quarter and oil production fell, the National Bureau of Statistics (NBS) said on Monday, as a dollar shortage kept Africa's biggest economy in a stranglehold.

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* The West African country is a major importer of gasoline from Europe.

* Naphtha supplies were tightening in the Mediterranean, traders said, after increased shipments from the region to Brazil and Asia Pacific in recent weeks.

* European refinery crude processing fell by 2.2 percent in October from a month earlier as seasonal refinery maintenance peaked, data from industry monitor Euroilstock showed on Monday.

* Gasoline output fell 2.5 pct compared with September to 2.55 million barrels per day and was down 2.8 pct year-on-year.

GASOLINE

* There were no trades of benchmark Eurobob gasoline barges in the afternoon window.

* Earlier in the day, NIC (NasdaqGS: EGOV - news) sold to Vitol a 2,000 tonne barge of benchmark gasoline at $452 a tonne fob Amsterdam-Rotterdam, up from $441 a tonne on Friday.

* No barges of premium unleaded gasoline traded but discussions emerged at $475-$476 a tonne.

* The December swap stood at $467.50 a tonne at the close, up from $446 a tonne on Friday.

* Gasoline barge refining margins slipped to $7.26 a barrel from $7.52 a barrel.

* U.S. December RBOB gasoline futures were trading 4.34 percent higher at $1.3972 a gallon at 1653 GMT.

* The U.S. gasoline crack (RBC1-CLC1) traded at $11.32 a barrel, up from $10.85 a barrel on Friday.

NAPHTHA (NAF-C-NWE)

* Glencore (HKSE: 0805.HK - news) sold a cargo to Gunvor at $433 a tonne cif NWE.

(Reporting by Ahmad Ghaddar; editing by David Clarke)