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Europe Gasoline/Naphtha-Gasoline gains on unplanned Venezuela demand
LONDON, Nov 12 (Reuters) - Gasoline refining margins in northwest Europe rose on Wednesday, supported by unseasonal demand from Latin America that has sapped volumes from an already tight market.
European and Mediterranean gasoline markets have been boosted in recent weeks by strong demand from West Africa, the Middle East and China.
The markets were given a further significant boost after Venezuela's PDVSA issued tenders to buy up to eight 300,000 barrel cargoes of diesel and gasoline RON 91 and 95 to be received by Nov. 17.
Oil and trading firms BP, Noble Group, Glencore (Xetra: A1JAGV - news) and Vitol are among companies offering the volumes, traders said.
Noble (NYSE: NE - news) and Glencore have diverted to Venezuela two cargoes of gasoline that were heading from Europe to the U.S. East Coast, traders said.
"The market is very tight, and it is mostly due to the transatlantic arb," a trader said.
Supplies in Europe were further tightened by extended maintenance at Valero's 270,000 barrels per day Pembroke refinery in Wales, a key gasoline producing plant.
GASOLINE
* One barge of benchmark Eurobob gasoline traded in the afternoon window at $760 a tonne fob ARA. Shell (LSE: RDSB.L - news) sold to Trafigura.
* Some 8,000 tonnes total traded ahead of the window at $754-$766 a tonne fob ARA, compared with $755-$764 a tonne on Tuesday. NIC (NasdaqGS: EGOV - news) , Statoil (Xetra: 675213 - news) , Shell and Morgan Stanley (Xetra: 885836 - news) sold to Trafigura, Vitol and BP.
* The early trades came at a premium to the December swap of $25-$36 a tonne. The swap was around $732.50 a tonne at the close, up from $729.50 a tonne.
* Morgan Stanley sold two barges of premium unleaded to Noble and Vitol at $779 and $781 a tonne fob ARA, down from $784-$785 a tonne.
* No cargoes traded in the Mediterranean.
* At 1640 GMT Eurobob's crack spread to dated Brent (BFO-) was at $9.993 a barrel, down from $6.423 a barrel.
* Brent crude oil futures were down 50 cents at $81.17 a barrel.
* U.S. RBOB gasoline futures for December were up 0.57 percent at $2.1152. The prompt crack (RB-CL1=R) was at $11.09 a barrel, up from $10.46 a barrel.
NAPHTHA (NAF-C-NWE)
* Shell sold two cargoes to Morgan Stanley and Mercuria at $629-$632 a tonne cif NWE, up from Tuesday's trade at $613 a tonne.
* The naphtha crack spread rose to minus $10.46 a barrel, up from minus $12.93 a barrel on Tuesday. (Reporting by Ron Bousso; Editing by Michael Urquhart)
