Europe Gasoline Cracks Strong on US Demand

Posted by Eric Haun
Monday, April 14, 2014

Gasoline prompt cracks in northwest Europe slipped on Monday but remained at eight-month-highs supported by strong demand from the United States, where inventories are low and refinery maintenance has curbed supply.

Stocks on the U.S. East Coast, a major export destination for European gasoline, fell more than expected last week while demand in West Africa and the Mediterranean is strong.

Maintenance at Canadian refineries that normally supply the U.S. East Coast also helped tighten the market as summer, the peak season for gasoline demand in the United States, looms.

"The Irving refinery restart has been supposedly delayed, and the Montreal and Quebec refineries are both down for work so the East Coast is really tight," an industry source said.

At least six tankers were reported fixed from northwest Europe to the United States on Friday alone, according Reuters shipping data. Another tanker was booked by Valero for Montreal and BP booked a tanker from Gibraltar for the United States.

One cargo was booked from northwest Europe to West Africa, the data showed.

"There is still maintenance and recent demand from the United States, Africa, the Middle East and Asia," said one trader. "In theory, it could last all summer as long as refineries don't ramp up runs and gasoline percentage."

The naphtha market was quiet, though there was some demand from gasoline blenders who use light naphtha as a component, one trader said.

Gasoline

Four barges of benchmark Eurobob traded in the Platts price assessment window at $1,014-$1,016 a tonne fob ARA, down from $1,018 a tonne on Friday. Gunvor sold three barges to Vitol an one to Trafigura.

Outside the window, around eight barges of gasoline traded at $1,008-$1,017 a tonne fob ARA, compared to $1,007-$1,018 a tonne on Friday. Gunvor and Total sold. Vitol, Argos, Shell and Trafigura bought. 

By the market close, the May swap was trading at around $1,015 a tonne, up from $1,014 a tonne on Friday.    

Three barges of premium unleaded gasoline traded at $1,021-$1,024 a tonne fob ARA, down from $1,026 a tonne on Friday. Total bought all the barges from Trafigura and Litasco.

By 1542 GMT, Eurobob's crack to dated Brent was at around $12.87 a barrel, down from $13.384 on Friday.

Brent crude oil futures were up 71 cents at $108.04 a barrel at 1643 GMT.

U.S. RBOB gasoline futures in New York were up 0.35 percent at $3.0250 a gallon, and the prompt crack was up at $23.19 a barrel.

Napatha

No barges of naphtha traded in the window on Monday.

(Reporting by Lin Noueihed, editing by William Hardy)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Funding Secured for Project to Deepen the Delaware River

Dennis Rochford, president of the Maritime Exchange for the Delaware River and Bay, announced that President Obama’s FY17 proposed budget includes $33 million for the Delaware River Deepening Project.

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

Port of Hamburg Reports Bulk Cargo Jump in 2015

The Port of Hamburg reports higher bulk cargo throughput and strong growth in rail and inland waterway seaport-hinterland traffic in 2015 – downturn in container handling.

Energy

2016 a Busy Year for VLCC Deliveries - BIMCO

When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

News

US, India Consider Joint Patrols in South China Sea

The United States and India have held talks about conducting joint naval patrols that a U.S. defense official said could include the disputed South China Sea, a move that would likely anger Beijing,

No Need to Change Tug Workers’ Hours -Study

The American Waterways Operators (AWO), the national trade association for the tugboat, towboat and barge industry, hailed a study conducted for the Transportation

Danelec Marine Making Free ECDIS Upgrades

Ships with older Danelec ECDIS models are being upgraded to new hardware and software   Danelec Marine has launched a program to provide free upgrades of shipboard

Barges

No Need to Change Tug Workers’ Hours -Study

The American Waterways Operators (AWO), the national trade association for the tugboat, towboat and barge industry, hailed a study conducted for the Transportation

Brazil Agricultural Waterway Finally Reopens

Brazil's Tiete-Parana waterway, a key transport corridor for soybeans, corn, cellulose, fertilizer and other agricultural products, has reopened after a 20-month

EU Pulls Plug on Back-Up Nav System

A British-led initiative to create a back-up to satellite navigation systems for ships has been pulled after failing to garner interest from other European countries,

Logistics

Sydney Deep Water Port Project Named NOVAPORTE

The Harbor Port Development Partners (HPDP) and the Port of Sydney announce the new brand for Sydney’s new container terminal: NOVAPORTE and its adjacent logistics park NOVAZONE.

Port of Hamburg Reports Bulk Cargo Jump in 2015

The Port of Hamburg reports higher bulk cargo throughput and strong growth in rail and inland waterway seaport-hinterland traffic in 2015 – downturn in container handling.

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0962 sec (10 req/sec)