Europe Gasoline/Naphtha-Cracks climb as Atlantic basin stocks fall

LONDON, Feb 23 (Reuters) - Gasoline refining margins in northwest Europe rose on Thursday after inventories on both sides of the Atlantic (Shanghai: 600558.SS - news) fell, indicating a glut that has closed the transatlantic arbitrage from Europe is beginning to ease.

* Gasoline stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) region fell by 4.3 percent in the week to Thursday, data from Dutch consultancy PJK International showed.

* Inventories drew down due to export activity from the storage and refining hub to West Africa, the Far East (Kuala Lumpur: 5029.KL - news) and the Middle East, PJK's Patrick Kulsen said.

* Gasoline was exported to Pakistan, PJK said, a rare arbitrage from ARA but which became more workable after the country switched to higher octane specifications for the motor fuel last year.

* U.S. gasoline stocks fell 2.6 million barrels last week, compared with analysts' expectations in a Reuters poll for a 888,000-barrel drop, the U.S. Energy Information Administration said on Thursday.

* Several cargoes of gasoline have been exported from the New York Harbor to West Africa in recent days in a sign of increasing stock pressure in the hub, traders said.

GASOLINE

* Gunvor sold to Varo one barge of benchmark European gasoline in the afternoon window at $549 a tonne fob ARA, up from $545 a tonne on Wednesday.

* Earlier in the day, some 4,000 tonnes traded at around $551 a tonne fob Amsterdam-Rotterdam, up from $546 a tonne fob during the previous session.

* No barges of premium unleaded gasoline traded. An offer emerged at $567 a tonne fob ARA.

* Brent crude futures were up 75 cents at $55.59 a barrel by 1726 GMT.

* Gasoline barge refining margins rose to $9.62 a barrel from $9.36 a barrel a day earlier.

* U.S. front month RBOB gasoline futures were 1.28 percent higher at $1.5326 by 1727 GMT.

NAPHTHA (NAF-C-NWE)

* No cargoes traded. (Reporting by Ahmad Ghaddar; Editing by Mark Potter)