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Europe Gasoline/Naphtha-Gasoline weakens with easing overseas demand

Reuters - UK Focus

LONDON, Nov 14 (Reuters) - Gasoline refining margins in northwest Europe weakened on Friday as slowing overseas demand slightly eased the recent day's limited supply availability in the region.

Around seven cargoes of gasoline were booked this week to ship gasoline to the United States and Latin America, where a string of unplanned outages in Brazil and Venezuela has drawn large volumes of gasoline and gasoil.

Venezuelan state oil company PDVSA said on Friday that the main units of the Amuay and Cardon refineries were "totally operational" again following recent outages.

"The Med is quite balanced while the north is still strong but weaker than yesterday. But the market is still strong for the winter season, " a trader said.

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Demand from China disappeared this week after an intensive buying spree of gasoline and blending components in October.

"We did see a bit of reformate today for the first time in a long while. So there should be a bit more now if the China play is off," another trader said.

Naphtha cracks weakened once again as very high stock levels worldwide continue to weigh on the market.

GASOLINE

* No barges of benchmark Eurobob gasoline traded in the afternoon window. Bids came in at $730 a tonne fob ARA.

* Some 6,000 tonnes total traded ahead of the window at $732-$742 a tonne fob ARA, below the $743-$759 a tonne the day earlier. Morgan Stanley (Xetra: 885836 - news) , Total and BB Energy sold to Shell (LSE: RDSB.L - news) and Gunvor.

* The early trades came at a premium to the December swap of $30-$39.50 a tonne. The swap was around $700 a tonne at the close, below the $712 a tonne on Thursday.

* No barge of premium unleaded traded. There were no bids and offers came in at $757 a tonne fob ARA.

* At 1641 GMT Eurobob's crack spread to dated Brent (BFO-) was at $10.1, up from $12.6.

* Brent crude oil futures were up $1.10 at $78.59 a barrel.

* U.S. RBOB gasoline futures for December were up 1.13 percent at 2.0243. The prompt crack (RB-CL1=R) was at $10.32 a barrel, down from $10.68 a barrel.

NAPHTHA (NAF-C-NWE)

* Shell sold one cargo of naphtha to Glencore (Xetra: A1JAGV - news) at $612 a tonne cif NWE, down from $619 a tonne.

* The naphtha crack spread rose to minus $9.41 a barrel, up from minus $8.03 a barrel. (Reporting by Ron Bousso; editing by Susan Thomas)