RTRS: Europe Gasoline/Naphtha-Prices firmer after U.S. data
LONDON, April 21 (Reuters) - Gasoline barge prices in
northwest Europe followed crude higher on Thursday after bullish
U.S. inventory data a day earlier but trading activity was
limited ahead of the Easter holiday long weekend.
"There are a few conversations but it's fairly quiet," said
one gasoline broker. "Most guys are done for April -- with the
holidays and so on there are only three pricing days left."
Gasoline rallied, taking its cue from the U.S. oil stocks
data released by the Energy Information Administration on
Wednesday which showed a 1.58 million barrel draw in gasoline.
[EIA/S]
Gasoline stocks are down for a ninth consecutive week but
analysts at Commerzbank expect oil product inventories to
increase in the weeks ahead.
"Refineries have largely completed their maintenance work
and are stepping up production again in response to healthy
refinery margins," they said in a note.
On the demand side, Commerzbank believes that the sharp rise
in gasoline and diesel prices should have an impact, resulting
in below-average driving activity.
"This already seems to be happening with gasoline, as while
recent weeks have seen a seasonal upturn in demand, it was still
down 1.8 percent year-on-year over the past four weeks," they
said.
GASOLINE * Some 6,000 tonnes of benchmark Eurobob traded in the
window, which closed at 1130 GMT today ahead of the Easter
break. The barges changed hands at $1,120-$1,128 a tonne fob
ARA, up from $1,104 a tonne fob ARA on Wednesday.
* Trafigura, Vitol and Cargill were sellers while Total and
Totsa were among the buyers.
* Some 9,000 tonnes traded ahead of the window, at between
$1,117-$1,121 a tonne fob ARA, and at premiums to the May
gasoline swap of $11-$13.
* Just one barge of premium unleaded gasoline traded in the
window, at $1,131 a tonne fob ARA, up from Wednesday's
$1,119-$1,125 a tonne fob ARA.
* Vitol sold the barge to Glencore for delivery between
April 28 and May 2, a broker said.
* Eurobob's crack to dated Brent BFO- was up at around
$8.85 a barrel at 1156 GMT, from around $7.31 a barrel at the
close of play on Wednesday, according to Reuters calculations.
* ICE Brent crude futures LCOc1 were up 44 cents at
$124.29 a barrel around the same time, supported by a weaker
dollar and yesterday's U.S. oil inventories fall. [O/R]
* U.S. RBOB gasoline futures RBc1 in New York were up 0.55
percent at $3.2954 a barrel. The crack RB-CL1=R was pretty
much unchanged from Wednesday evening, at $25.09 a barrel.
NAPHTHA
* There was no trading in the European physical naphtha
window, no bids and no offers, a naphtha broker said.
* The outright naphtha cargo swap for the balance of April
was at $1,072.65 a tonne cif NWE by mid-day, whilst the May swap
was at $1,062.65 a tonne cif NWE.
* The crack was at minus $3.87 a barrel, a broker said.
(Reporting by Claire Milhench; editing by Jason Neely)