LONDON, Aug 19 (Reuters) - Gasoline crack spreads were
supported just below $5 a barrel on Thursday on signs of better
U.S. demand, but this might not reopen the spot arbitrage,
traders said.
"The States were actually not that bad. U.S. gasoline demand
is picking up," a trader said, referring to the U.S. Energy
Information Administration inventories data on Wednesday.
These showed a small 39,000 barrel fall in gasoline stocks.
[EIA/S]
"It is supportive, but higher demand will be covered by high
refinery runs and high inventories," the trader added.
The crack spread has fallen as low as $3 a barrel this month
as the unprofitable arbitrage to the United States has weighed
on prices.
GASOLINE AND NAPHTHA * Prices of benchmark Eurobob, the export grade gasoline,
traded at $682 a tonne fob ARA, about $8 higher than Wednesday's
close.
* Shell bought 3,000 tonnes out of 4,000 tonnes traded so
far.
* Eurobob's crack to dated Brent BFO- was little changed
at $4.80 a barrel.
* ICE Brent crude futures LCOc1 were trading 41 cents
higher at $76.88 a barrel.
* U.S. RBOB gasoline futures RBc1 in New York were up 0.2
percent at $1.9648 a gallon.
* U.S. government data on Wednesday showed domestic gasoline
demand over the past four weeks in the United States rose 3.5
percent from a year ago to average 9.45 million barrels per day.
* Gasoline inventories fell moderately last week, although
the combined stocks of crude oil and products rose to record
highs. [EIA/S]
MIDDLE DISTILLATES * In the barge market, diesel was discussed at between
$16-$19 a tonne premiums to ICE gas oil, compared with
Wednesday's level at $17-$17.50 premiums.
* The differential on diesel barges has risen from $6
premiums in late June.
* Gas oil barges were offered at discounts of $4 to ICE
futures and bid at discounts between $5-$6 to ICE futures.
* September ICE gas oil futures NEWOILOIL rose $7.50 to
$646.75 a tonne fob ARA by 1145 GMT.
* The prompt contango was around $4 a tonne LGO-LCO1=R.
* The prompt crack was $10.81 a barrel. LGO-1=R
FUEL OIL * Barges of high-sulphur fuel oil (HSFO) with 3.5 percent
sulphur content were discussed between $428-$433 a tonne, which
put its crack around minus $7.87 a barrel.
(Reporting by Emma Farge and Ikuko Kurahone, editing by Jane
Baird)
