Europe Gasoline/Naphtha-Gasoline margins get respite as crude oil slumps

Reuters - UK Focus

LONDON, Aug 1 (Reuters) - Gasoline refining margins gained nearly $2 a barrel on Monday after crude oil prices lost over 3 percent, while a recent resurgence in export demand to West Africa lent limited support.

* Oil prices have been coming under pressure in recent weeks on concerns over supply abundance, with OPEC production hitting a record high last month according to a Reuters survey.

* While arbitrage economics from Europe to the United States remain marginal, a recent uptick in demand for the motor fuel in Nigeria has helped clear up some of the supply overhang in Europe.

* Hedge funds have turned very bearish towards both crude and refined products over the last two months amid signs of an oversupply of gasoline.

* Hedge funds added an extra 6 million barrels of short positions in the main U.S (Other OTC: UBGXF - news) . gasoline futures and options contract.

* Hedge fund net short positions in gasoline are exceptionally rare and this is the largest recorded net short since the current data series began in 2006.

* China's implied gasoline demand rose 2.2 percent from a year earlier to 2.79 million barrels per day (bpd) in June, Reuters calculations using official data showed. But output was also up, rising by 8.5 percent from a year earlier to 3.01 million bpd

GASOLINE

* Gunvor sold a barge to Vitol at $411 a tonne fob ARA, compared with bids and offer discussions on Friday at $412-$418 a tonne.

* Another 10,000 tonnes traded throughout the day at 4411-$423 a tonne fob AR, compared with $411 a tonne on Friday. Gunvor, Koch and Litasco sold to Shell (LSE: RDSB.L - news) , Rolympus, BP and Varo.

* Rolympus sold five premium unleaded gasoline barges to Total (LSE: 524773.L - news) at $430-$432 a tonne fob ARA, compared with trade on Friday at $433 a tonne.

* Gasoline barge refining margins rose by around $2 a barrel to $9.98 a barrel.

* The September swap stood at around $415 a tonne at the close, down from $418 a tonne.

* Brent crude oil futures fell by $1.39 a barrel to

cents at $42.14 a barrel by 1541 GMT.

* U.S. August RBOB gasoline futures were down 1.88 percent at 1.2946 a gallon.

* The U.S. gasoline crack (RB-CL1=R) was trading at $14.15 a barrel, up by around $1 a barrel from Friday.

NAPHTHA (NAF-C-NWE)

* No cargoes traded. (Reporting by Ahmad Ghaddar)