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 Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Poland's LNG Terminal - Unfinished Agenda for Saipem

Poland's liquefied natural gas (LNG) terminal at the Baltic port of Świnoujście will be completed only if Italian firm Saipem receives further payment, reports Reuters.

Emission Control to Cost Additional $100 bln for Shipping Lines

The implementation of a global sulfur cap slated for 2020 is estimated to add an additional $50-100 billion to the shipping industry's annual fuel bills, Lloyd's List reports.

Energy

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Strategic Marine Delivers ‘Triple First’ StratCat

Strategic Marine, a leading specialist shipbuilder and member of the TriYards Group, has delivered a world’s first to European windfarm service sector operator, Njord Offshore.

Rolls-Royce Propulsion Package for Polar Ship

Rolls-Royce has been awarded a contract by ship builder Fincantieri to supply a fully integrated propulsion system for Norway’s new Polar Research Vessel, which

News

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Strategic Marine Delivers ‘Triple First’ StratCat

Strategic Marine, a leading specialist shipbuilder and member of the TriYards Group, has delivered a world’s first to European windfarm service sector operator, Njord Offshore.

Drydocks World, Maritime World Win Excellence Awards

Drydocks World and Maritime World have won the Excellence Award given by the International Maritime Club at the Golden Bells Awards 2015 - Middle East. Drydocks

Barges

Viking Bags Charter Deal for AHTS Brage Viking

Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm,

Shipping Season Opens on the Mississippi

First tow marks unofficial opening to Mississippi River navigation season   M/V New Dawn arrived at Lock and Dam 2 near Hastings, Minn. Wednesday morning, marking

Plans in Place to Test Intermodal River Transport

The Paducah-McCracken County Riverport Authority and Ingram Barge Company has announced plans to assess the viability of Intermodal River Transportation, utilizing

Logistics

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Gulf Bridge Express Service to End

The Gulf Bridge Express Service will shortly be terminated with the last roundtrip voyage being MV Saint Nikolaos voyage 00008S, ETA New Orleans on April 22, 2015.

China Unveils Action Plan on Maritime Silk Road

China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1374 sec (7 req/sec)