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)


Tanker Trends

Wärtsilä BWMS for Three Maersk Tankers

Maersk Tankers A/S of Denmark has selected Wärtsilä's Electro Chlorination (EC) Ballast Water Management System (BWMS) for three new 50,000 DWT medium range (MR)

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

BV Classes First LNG-fuel Oil/Chemical Tanker

Leading international classification society Bureau Veritas has classed the first LNG-fuelled newbuilding oil/chemical tanker, the 15,000 dwt Ternsund, built under BV class at Avic Dingheng,

Finance

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

Energy

3sun CEO Chairs Offshore Wind SIG

3sun Group, specialist provider of products and services to the global energy industry, is reinforcing its ongoing commitment to the offshore wind industry with

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

News

Arctic Sea Ice Melt Continues

As of August 14, Arctic sea ice extent is tracking third lowest in the satellite record, according to the National Snow & Ice Data Center (NSIDC). The southern

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

Barges

MN100: SENNEBOGEN LLC

The Company: SENNEBOGEN has been a leading name in global material handling for over 60 years. Stanley, North Carolina-based SENNEBOGEN LLC offers a complete range

SMM 2016: World Premieres from around the Globe

Some 50,000 trade visitors from the whole of the world are expected in Hamburg for the start of SMM in less than two weeks. And once again, it is fully booked – with a total of more than 2,

MN100: McDonough Marine Service

The Company: Bernard P. McDonough created the company in 1945 by leasing barges from his construction company into the marketplace. Through a series of new and used barge additions,

Logistics

3sun CEO Chairs Offshore Wind SIG

3sun Group, specialist provider of products and services to the global energy industry, is reinforcing its ongoing commitment to the offshore wind industry with

Long Beach Port Acquires 125 Acres for Cargo Ops

U.S. Navy, Maritime Administration and California Environmental Protection Agency representatives joined City and Port officials today to commemorate the approval

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.1390 sec (7 req/sec)