Europe Gasoline/Naphtha-Gasoline cracks gain amid stock draw hopes
LONDON, Aug 16 (Reuters) - Gasoline refining margins in northwest Europe rose to $7.50 a barrel on Tuesday amid limited trading activity as recent stock draws eased concerns over recent months' glut.
* The arbitrage to the U.S (Other OTC: UBGXF - news) . East Coast has slowed down significantly in recent days. Exports to West Africa have similarly dwindled as congestion outside Nigeria limited new buying, traders said.
* Inventories in ARA continued to decline as tankers were loading volumes booked in recent weeks.
* The gasoline market remained in backwardation into October and storage economics going into the summer of 2017 no longer worked, traders said.
* The nearing seasonal refinery maintenance further boosted expectations that stocks, which remain above five-year average levels, would decline in the coming months.
* The naphtha market remained under heavy pressure due to little buying from Asian petrochemical plants.
GASOLINE
* There were no Eurobob trades during the afternoon trading window. There were no bids or offers.
* Some 8,000 tonnes traded in the morning at $462 a tonne fob Amsterdam-Rotterdam, compared with trades at $445-$452 a tonne on Monday. Gunvor and Total (LSE: 524773.L - news) sold to Shell (LSE: RDSB.L - news) , Finco and BP.
* Litasco sold a barge of premium unleaded gasoline to Total at $484 a tonne fob ARA, compared with $477.50 a tonne.
* Gasoline barge refining margins rose to $7.50 a barrel from $6 a barrel.
* The September swap stood at around $470 a tonne at the close, up from $462 a tonne.
* Brent crude oil futures were up 55 cents at $48.90 a barrel by 1548 GMT.
* U.S. August RBOB gasoline futures were up 0.6 percent at 1.4088 a gallon.
* The U.S. gasoline crack (RB-CL1=R) was trading at $12.80 a barrel, up from $12.98 a barrel.
NAPHTHA (NAF-C-NWE)
* BP sold a cargo to Gunvor at $380 a tonne cif NWE.
* The naphtha crack was at around minus $6.35 a barrel. (Reporting by Ron Bousso, Editing by Ahmad Ghaddar)