Europe Gasoline/Naphtha-Gasoline margins flat as crude prices slide
LONDON, July 28 (Reuters) - Northwest European gasoline margins were largely flat on Thursday as crude futures fell further but inventories continued to weigh on gasoline prices.
* Shell (LSE: RDSB.L - news) missed quarterly profit expectations by more than $1 billion for the second quarter due to weak oil prices. Its refining and trading earnings fell to $459 million, compared with $1.3 billion in the same period last year, due to oversupply and high inventory levels.
* Philadelphia Energy Solutions Inc was in the market for gasoline after the company shut a gasoline-making unit at the Girard Point section of its Philadelphia refinery complex, according to traders.
* The accumulation of gasoline stocks in the United States has been driven by excess gasoline production rather than lack of demand, according to Valero, the largest independent refiner in the United States.
GASOLINE
* No barges of benchmark eurobob gasoline traded during the afternoon session.
* In morning trade, 6,000 tonnes changed hands at $421-$425 a tonne fob ARA, down form $428-$429 a tonne while a further 2,000 tonnes traded in the afternoon at $427.50 a tonne.
* No barges of premium unleaded gasoline traded. Offers emerged at $442 a tonne fob ARA, down from $447 a tonne fob ARA.
* Gasoline barge refining margins fell slightly to $8.64 a barrel from $8.69 a barrel.
* The August swap stood at around $424 a tonne at the close, down by $2.
* Brent crude oil futures were down 85 cents at $42.62 a barrel by 1712 GMT.
* U.S (Other OTC: UBGXF - news) . August RBOB gasoline futures were down .98 percent at 1.3085 a gallon.
* The U.S. gasoline crack (RB-CL1=R) was trading at $13.54 a barrel, up from $13.39 a barrel on Wednesday.
NAPHTHA (NAF-C-NWE)
* No cargoes traded. Offers came in as low as $351.50 a tonne cif NWE, down from $355-$358 a tonne cif NWE on Wednesday. (Reporting By Libby George)