Europe Gasoline/Naphtha-Gasoline slides as crude hits 5-week high
LONDON, Aug 15 (Reuters) - Gasoline refining margins in northwest Europe fell sharply to below $7 a barrel on Monday as crude prices jumped, while steady exports to the U.S (Other OTC: UBGXF - news) . and west Africa capped losses.
* Oil rallied to a five-week high as speculation intensified over potential producer action to support prices amid a crude glut.
* Overseas demand, particularly from West Africa, in recent days has helped give cracks in Europe a floor.
* Philadelphia Energy Solutions was planning to restart the 85,000 barrel-per-day fluid catalytic cracking unit in the Girard Point section of its Philadelphia refinery complex by Monday, according to a source familiar with the plant's operations.
* Western naphtha arrivals into Asia for Sept. are expected to hit 900,000 - 1 million tonnes, well below the 12-month running average of about 1.45 million tonnes, based on assessments by Thomson Reuters Supply Chain & Commodities Research.
* Japan's naphtha imports for the petrochemical sector fell 8 percent in July from the same month a year earlier, government figures showed on Monday.
GASOLINE
* There were no Eurobob trades during the afternoon trading window.
* Some 10,000 tonnes traded in the morning at $445-$452 a tonne fob Amsterdam-Rotterdam, compared with trades at $441-$447 a tonne on Friday. Gunvor and Total (LSE: 524773.L - news) sold to Shell (LSE: RDSB.L - news) , Varo and BP.
* Litasco sold a barge of premium unleaded gasoline to Total at $477.50 a tonne fob ARA, compared with $472-$474 a tonne.
* Gasoline barge refining margins fell to $6.90 a barrel from $8.51 a barrel.
* The September swap stood at around $462 a tonne at the close, up from $451 a tonne.
* Brent crude oil futures were up $1.16 at $48.13 a barrel by 1538 GMT.
* U.S. August RBOB gasoline futures were up 1.7 percent at 1.3942 a gallon.
* The U.S. gasoline crack (RB-CL1=R) was trading at $12.98 a barrel, up from $12.74 a barrel.
NAPHTHA (NAF-C-NWE)
* No cargoes traded. (Reporting by Ahmad Ghaddar)