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Europe Gasoline/Naphtha-Cracks weaken, ARA stock draw caps losses

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 6 (Reuters) - Gasoline refining margins in northwest Europe fell on Thursday in limited trading activity and as crude futures strengthened, but a big draw in ARA inventories limited losses.

* Gasoline stocks fell by nearly 18 percent in the week to Thursday to 622,000 tonnes, their lowest since late 2014, according to data from Dutch consultancy PJK International.

* Increased export activity to the United States and West Africa and backwardation in the gasoline forward market contributed to the fall, PJK's Patrick Kulsen said.

* But a build in U.S. gasoline inventories last week has hit transatlantic export economics, traders said.

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* U.S. gasoline stocks rose by 222,000 barrels last week, compared with analyst expectations in a Reuters poll for a 702,000-barrel gain, the U.S. Energy Information Administration said on Wednesday.

* Nigerian demand for Europe gasoline remains firm, as a result of a resumption in exports of crude oil streams that had been closed, enabling the country to swap more oil for gasoline.

GASOLINE

* No trades of benchmark Eurobob gasoline barges emerged during the afternoon window.

* During the day, around 4,000 tonnes traded at an average of $511 a tonne fob Amsterdam-Rotterdam, compared with trades at $521 a tonne the previous day.

* There were no trades of premium unleaded gasoline barges. Bid and offer discussions emerged at $518-$519 a tonne fob ARA, compared with trade levels of $525-$527 a tonne the previous day.

* The November swap stood at $495.50 a tonne at the close, up slightly from $495 a tonne.

* Gasoline barge refining margins fell to $10.66 a barrel from $11.94 on Wednesday.

* Brent crude oil futures for December delivery were up 54 cents a barrel at $52.40 by 1544 GMT.

* U.S. November RBOB gasoline futures were down 0.05 percent at $1.4921 a gallon.

* The U.S. gasoline crack (RB-CL1=R) was trading at $12.37 a barrel, down from $13.19 a barrel.

NAPHTHA (NAF-C-NWE)

* No cargoes traded.

(Reporting by Ahmad Ghaddar; Editing by Amanda Cooper)