Europe Gasoline/Naphtha-Cracks edge higher on weaker crude futures
LONDON, Aug 31 (Reuters) - Gasoline refining margins edged higher following a fall in oil futures while a draw in U.S (Other OTC: UBGXF - news) . gasoline stocks failed to boost cracks further as the remaining volume in storage was still considered high.
* Even (Taiwan OTC: 6436.TWO - news) with upcoming refinery maintenance on the U.S. east coast, traders were still bearish owing to significant stockpiles in PADD 1 and the end of summer driving season.
* U.S. gasoline stocks fell 691,000 barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop, according to government data.
* French oil major Total (LSE: 524773.L - news) and Italian renewable energy group Erg (LSE: 0MHC.L - news) have tapped banks to sell one of Italy's biggest petrol station networks, known as TotalErg, sources familiar with the matter said.
GASOLINE
* There were no trades of benchmark Eurobob gasoline barge. In the previous session one barge traded at $474 a tonne fob ARA.
* Some 16,000 tonnes traded throughout the day at $463-$472 a tonne fob ARA, down from $474-$490 a tonne fob ARA on Tuesday. Total and Gunvor sold to Shell (LSE: RDSB.L - news) , BP, Rolympus and Varo.
* There were no trades of premium unleaded gasoline barges. The bid/offer range was $477-$478 a tonne fob ARA, down from a deal on Tuesday at $495 a tonne.
* The September swap stood at around $467.50 a tonne, down from $480 a tonne at the close.
* Gasoline barge refining margins rose to $9.21 a barrel, up from $8.93 a barrel on Tuesday.
* Brent crude oil futures were down $1.18 cents at $47.19 a barrel by 1555 GMT.
* U.S. August RBOB gasoline futures were down 1.76 percent at 1.4228 a gallon.
* The U.S. gasoline crack (RB-CL1=R) was trading at $11.33 a barrel, up slightly from $11.10 a barrel.
NAPHTHA (NAF-C-NWE)
* Glencore (Xetra: A1JAGV - news) sold a cargo to BASF at $371 a tonne cif Northwest Europe for Sept. 21-25 delivery.
* BP sold a cargo to Gunvor at $371.50 a tonne cif Northwest Europe for Sept. 15-19 delivery.
(Reporting by Julia Payne, editing by Ahmad Ghaddar)