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Europe Gasoline/Naphtha-Gasoline margins slip, large U.S. draw supports

Reuters - UK Focus

LONDON, Aug 3 (Reuters) - Gasoline refining margins in northwest Europe slightly declined on Tuesday as elevated inventories persisted while a surprise weekly stocks draw in the United States supported.

* The European market remained under heavy pressure from a huge glut in supplies and rapidly declining storage availability, traders said.

* Exports to the U.S (Other OTC: UBGXF - news) . East Coast have slowed down significantly in recent weeks due to high inventories, but demand from Canada remained relatively strong, traders said.

* U.S. gasoline stocks fell by 3.3 million barrels, compared with analysts' expectations in a Reuters poll for a 200,000-barrel drop, EIA data showed.

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* Gasoline stocks to the U.S. East Coast (PADD 1) declined for a second week running to 598,000 barrels per day, the slowest rate since late April.

* Refinery crude runs rose by 266,000 barrels-per-day, EIA data showed. Refinery utilization rates rose by 0.9 percentage points.

* Refiners in northwest Europe continued to process crude at near maximum levels as profit margins remain healthy, traders said.

* Buying throughout the day was limited due to limited storage availability.

GASOLINE

* Gunvor sold a barge to Varo Energy at $419 a tonne fob ARA, up from trades at $417 a tonne on Tuesday.

* Another 14,000 tonnes traded throughout the day at $413-$422 a tonne fob Amsterdam-Rotterdam, compared with trades at $415-$424 a tonne. Gunvor, Litasco, NIC (NasdaqGS: EGOV - news) and Shell (LSE: RDSB.L - news) sold to Statoil (LSE: 0M2Z.L - news) , BP, Trafigura, Varo and Rolympus.

* Rolympus sold to Total (LSE: 524773.L - news) two barges of premium unleaded gasoline traded at $436 a tonne fob ARA, compared with trades at $434 a tonne.

* Gasoline barge refining margins declined to $9.67 a barrel from $9.92 a barrel.

* The September swap stood at around $425.25 a tonne at the close, up from $418 a tonne.

* Brent crude oil futures rose 91 cents to $42.71 a barrel by 1544 GMT.

* U.S. August RBOB gasoline futures were up 2.29 percent at 1.3419 a gallon.

* The U.S. gasoline crack (RB-CL1=R) was trading at $15.88 a barrel, up from $15.18 a barrel on Tuesday.

NAPHTHA (NAF-C-NWE)

* No naphtha cargoes traded. (Reporting by Ron Bousso, editing by Ahmad Ghaddar)