LONDON, Nov 10 (Reuters) - ICE gas oil futures climbed to fresh two-year highs on Wednesday after U.S. distillate stocks fell by a bigger-than-expected 4 million barrels last week, data from the American Petroleum Institute showed. [API/S] Europe will rely partly on imports of diesel and gas oil to top up inventories depleted during the French refining strike in October. But falling distillate stocks in the United States could reduce export flows, traders said. More authoritative U.S. inventories data from government body the Energy Information Administration will be released at 1530 GMT. [EIA/S] GASOLINE * Eurobob, the ARA gasoline benchmark, traded at $765-$771 a tonne fob ARA, up from $765-$768 at Tuesday's close. * Trading was relatively active, about 15,000 tonnes changing hands. * Eurobob's crack to dated Brent BFO- rose to around $3.75 a barrel from $3.25 a barrel on Tuesday. * Swaps showed cracks would average $3.05 a barrel for the balance of November and $2.60 a barrel for December. * By 1147 GMT, ICE Brent crude futures LCOc1 were trading 6 cents lower at $88.27 a barrel. * U.S. RBOB gasoline futures RBc1 in New York were 0.14 percent up at $2.1881 a gallon. * Later in the day, the market focus will shift to weekly oil data from the U.S. government. Analysts expect it to show an 800,000 barrel fall in U.S. gasoline inventories in the week to Nov. 5. [EIA/S] * Late on Tuesday, a separate set of data from industry group American Petroleum Institute reported gasoline stocks slid 3.4 million barrels last week. MIDDLE DISTILLATES * Physical barges of 10ppm diesel were discussed unchanged at premiums of between $19-$21 a tonne fob ARA to ICE gas oil futures. * Gas oil barges were discussed at $5.50/$3.50 a tonne fob ARA to the benchmark and were flat on the day. * A broker said that low Rhine water levels were a concern for the market after loading restrictions were implemented. "They were worse but are improving," he said. [ID:nLDE6A70WH] * Water levels at the key measuring point Kaub were at 172 centimetres on Wednesday, up from 159 cm the previous day. * November ICE gas oil futures touched a fresh two-year high of $750.25 a tonne on Wednesday, but were down 25 cents at $746.75 a tonne by 1252 GMT. * The prompt crack was around $12.71 a barrel. * The prompt intermonth spread was in contango of $4.75 a tonne. NEWOILOIL FUEL OIL * Barges of high sulphur fuel oil (HSFO) with 3.5 percent sulphur content were discussed little changed at between $479-$485 a tonne fob ARA on Wednesday. * Crack spreads were minus $11.09 a barrel on the spot. * Swaps held in a narrow backwardation at the front of the curve, mirroring the Asian structure where high arrivals of off-specification cargoes have kept supplies tight. [ID:nSGE6A90HS]

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