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Europe Gasoline/Naphtha-Cracks drop below $2/bbl on virus fears

Reuters - UK Focus
·2-min read

LONDON, Feb 28 (Reuters) - Northwest European gasoline refining margins more than halved in the week to Friday to below $2 a barrel amid rising concerns over global demand as the coronavirus spread. * Gasoline exports from Europe to the U.S. East Coast almost doubled this week from the previous week to 148,000 tonnes in four tankers, according to Refinitiv data. * Total gasoline and naphtha exports on the transatlantic route were set to reach 575,000 tonnes in February, slightly below January's figures. So far, around 407,000 tonnes are expected to be exported in March, according to the data. * Northwestern European gasoline stocks fell 6% to 1.12 million tonnes as exports outpaced imports, data from Dutch consultancy Insights Global showed on Thursday. * U.S. gasoline stocks fell last week by 2.7 million barrels in the week to 256.4 million barrels, EIA data showed, compared with expectations in a Reuters poll for a 2.2 million barrel drop.​ * So far in February, some 288,000 tonnes of gasoline and blending components have been delivered from Europe and the Mediterranean to the United States, Refinitiv Eikon data showed. * The exports last month were 710,000 tonnes and in February 2019 730,000 tonnes. * Saudi Aramco will shut its largest oil refinery for five to six weeks from June 1. The 550,000 bpd Ras Tanura refinery supplies over a quarter of the kingdom's fuel supply. * The company is undertaking a $2.4 billion overhaul of Ras Tanura to reduce the sulphur content of the gasoline and diesel the refinery produces. Gasoline (in tonnes) Trades Bids Offers Prev. Sellers Buyers (vol.) Trades Ebob $443 $456 $461 Vitol Shell Barges MOC Platts E5 (fob ARA) <EUROBOB- ARA> Ebob $458.50, $441 Finco, Varo Barges $466.50 P66 E10 Platts(fo b ARA) Ebob $438, $452-$467 Vitol, Hartre Barges $447 Gunvor e, BP Argus E5(fob AR) Ebob $473 Barges E10 Argus (fob AR) March. $447.25 $458.50 swap fob ARA Premium $460-$46 $473 Hartree Gunvor Unleaded 2 , , BP (fob ARA) PetroIn <PU-10PP- eos ARA> Cargoes (fob MED) Cargoes (cif NWE) Naphtha $422 (cif NWE) <NAF-C-NW E> Ebob crack (per barrel) $1.996 prev. $2.81 Brent futures Rbob Rbob crack <RBc1-CLc1> (Reporting by Ron Bousso, editing by Louise Heavens )