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Europe Gasoline/Naphtha-Gasoline margins ease but overseas demand supports

Reuters - UK Focus

LONDON, Nov 25 (Reuters) - Gasoline refining margins edged lower in northwest Europe on Friday but overseas demand, driven largely by refinery maintenance, gave cracks a floor.

* Demand from China, Brazil, West Africa and the Middle East have helped clear cargoes, traders said.

* Refinery maintenance in the Middle East had taken out close to 120,000 barrels per day (bpd) in recent weeks, compared with the typical seasonal average of 75,000 bpd. The work amplified the region's need for imported fuel.

* South Korea's Ministry of Trade, Industry and Energy said in a statement on Friday that Lotte Chemical was considering raising output at its current 1 million tonne per year naphtha cracker at Yeosu.

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* The aim was to begin construction in first-half 2017 but no specifics were given on how much more capacity would be added.

* China's October gasoline exports rose 105.1 percent year-on-year to 870,000 tonnes.

* U.S. oil refiners are expected to have 803,000 barrels per day (bpd) of capacity offline in the week to Nov. 25, reducing available refining capacity by 165,000 bpd from the previous week, data from research company IIR showed on Friday.

GASOLINE

* Gunvor sold to Varo one barge of benchmark Eurobob gasoline at $450 a tonne in the afternoon window.

* Elsewhere during the day, 8,000 tonnes of Eurobob gasoline traded at $456-$470 a tonne fob Amsterdam-Rotterdam, down from $472 a tonne on Thursday.

* There were no trades of premium unleaded gasoline barges. Bid and offer discussions emerged at $466-$477 a tonne fob ARA.

* The December swap stood at $459 a tonne fob ARA at the close, down from $474.50 a tonne.

* Gasoline barge refining margins fell to $8.61 a barrel from $8.80 a barrel.

* U.S. December RBOB gasoline futures were trading 3.07 percent lower at 1.3780 a gallon at 1651 GMT.

* The U.S. gasoline crack (RBC1-CLC1) traded at $11.67 a barrel, down from $12.39 a barrel.

NAPHTHA (NAF-C-NWE)

* There were no naphtha cargo trades.

(Reporting by Ahmad Ghaddar)