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Europe Gasoline/Naphtha-Gasoline steady on west African demand

Reuters - UK Focus

LONDON, July 26 (Reuters) - Gasoline margins were steady, underpinned by demand from west Africa, mainly Nigeria, that imports nearly all its domestic requirements largely through crude for product swaps.

* There were no fresh fixtures to west Africa on Tuesday but traders said demand was still good. According to a Reuters data, Glencore (Xetra: A1JAGV - news) , Gunvor, Trafigura, Litasco and Oando all fixed tankers last week. Traders said these would be destined for Nigeria.

* Only Oando and Litasco are involved in crude for product swap deals in cash-strapped Nigeria.

* BP's refining margins hit a six-year low for the second quarter and the company said they would remain under significant pressure in the coming months.

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* BP chief Bob Dudley said that the global oil glut's impact on refining margins and revenue continues to make for a challenging environment.

* U.S (Other OTC: UBGXF - news) . refiner Valero Energy Corp reported a quarterly profit that beat analysts' reduced estimates, even as the company's refining margin continued to be gutted by a spike in gasoline and distillate inventories.

* Valero also said biofuel blending costs more than tripled to $173 million in the latest quarter, primarily due to the purchase of biofuels compliance credits known as Renewable Identification Numbers (RIN).

GASOLINE

* No barges of benchmark eurobob gasoline traded during the afternoon session.

* In morning trade, 4,000 tonnes changed hands at $424 a tonne fob ARA, down from $434-$435 a tonne on Monday.

* No barges of premium unleaded gasoline traded.

* Gasoline barge refining margins was at $7.30 a barrel, down slightly from $7.54 a barrel.

* Brent crude oil futures were up 10 cents at $44.81 a barrel by 1641 GMT.

* U.S. August RBOB gasoline futures were up 0.49 percent at $1.3401 a gallon.

* The U.S. gasoline crack (RB-CL1=R) was trading at $13.30 a barrel up from $12.84 a barrel on Monday.

NAPHTHA (NAF-C-NWE)

* Total (LSE: 524773.L - news) sold a cargo to Shell (LSE: RDSB.L - news) at $363 a tonne cif Northwest Europe for Aug 13-17 delivery. (Reporting By Julia Payne)