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Europe Gasoline/Naphtha-Cracks rise despite large U.S. stock build

Reuters - UK Focus

LONDON, Jan 11 (Reuters) - Gasoline refining margins in northwest Europe rose on Wednesday amid a broad rally in oil prices despite a larger-than-expected build in U.S. gasoline stocks.

* U.S. gasoline stocks rose last week by 5.0 million barrels, EIA data showed, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel gain.

* Gasoline stocks in the East Coast (PADD1) rose by 2.115 million barrels.

* Exports to the U.S. East Coast have slowed down in recent days after the recent builds in stocks.

* Several cargoes were booked in recent days to ship gasoline and blending components from Europe to Canada, Ecuador, Singapore and the Middle East.

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* Buying in the barge market remained very slow as low water levels along the Rhine river hampered barge loading.

* Abu Dhabi's state-owned national oil company ADNOC said on Wednesday it was working to contain a fire at the Takreer Ruwais refinery. The fire broke out in the west section of the refinery.

GASOLINE

* Phillips 66 (Hamburg: 18376318.HM - news) sold to Noble one barge of benchmark European gasoline at $535 a tonne fob ARA.

* Earlier in the day, Gunvor sold to Shell (LSE: RDSB.L - news) one barge of gasoline traded at $518 a tonne fob Amsterdam-Rotterdam, down from $522 a tonne on Tuesday.

* No barges of premium unleaded gasoline traded.

* The February swap stood at around $540 a tonne at the close, up from $527 a tonne.

* Gasoline barge refining margins were steady at around $9.79 a barrel, up from $9.38 a barrel.

* U.S. front month RBOB gasoline futures were trading 3.6 percent higher at $1.6029 a gallon by 1642 GMT.

* The U.S. gasoline crack (RBc1-CLc1) traded at $15.20 a barrel, up from $14.01 a barrel on Tuesday.

NAPHTHA (NAF-C-NWE)

* No cargoes traded.

(Reporting by Ron Bousso)