Europe Gasoline Stronger, Exports Brisk

Posted by Eric Haun
Friday, April 04, 2014

Gasoline barge prices in northwest Europe rose on Friday, boosted by brisk cargo exports as demand builds ahead of the peak summer driving season.

"Things are perking up," said one trader.

"Big slugs of reformate are heading to Asia again. There is good demand in the east still. West Africa blends are still taking place... Latin America is importing quite a bit in general."

Reuters shipping data showed a flurry of new vessels booked to carry gasoline or its components, which include reformates.

Cargill booked a tanker to carry gasoline across the Atlantic and Valero booked another for the east coast of Canada, the data showed. BP fixed two vessels to carry gasoline to West Africa and PMI fixed three tankers to Mexico.

The fixtures come as gasoline stocks independently held at the Amsterdam-Rotterdam-Antwerp hub fell by 5 percent this week to 1.078 million tonnes, according to data from Pieter Kulsen. The Dutch oil consultant attributed the draw to increased demand with the switch to summer blends of gasoline this month.

Cargoes had already departed to the United States and West Africa during the week.

Wednesday's weekly data from the U.S. Energy Information Administration was also bullish; gasoline stocks on the U.S. East Coast, a major export market for European gasoline, fell by 2 million barrels.

In the European barge market, low water levels prevented vessels from sailing fully loaded on the Rhine and Danube rivers in Germany, increasing transport costs for cargo owners, traders said. The Rhine is an important shipping route for commodities including oil products.

Naphtha received some support from Asia, where there is demand for European cargoes due to refinery maintenance, traders said.    

The East-West arbitrage is considered open at around $15 a tonne for May and $16 a tonne for June, but traders in Asia said on Friday they were not expecting enough cargoes to arrive.  

About 900,000 to 1 million tonnes of European/Mediterranean naphtha are expected to arrive in Asia in May, similar to March volumes which were at a five-month low, they said. A record 1.7 million tonnes arrived in Asia in January.

Gasoline
Gunvor sold one barge of benchmark Eurobob to Total in the Platts price assessment window at $986 a tonne fob ARA.   

Outside the window, gasoline traded at $979-$988 a tonne fob ARA, up from at $966-$972 a tonne on Thursday. 

By the market close, the May swap was trading at around $986 a tonne, up from $970.50 a tonne on Thursday.   

Two barges of premium unleaded gasoline traded at $1,000-$1,002 a tonne fob ARA, up from $982-$985 a tonne on Thursday. Argos sold to Vitol and Litasco to Total.

By 1715 GMT, Eurobob's crack to dated Brent was at $10.744 a barrel, up from around $10.10 a barrel on Thursday.

Brent crude oil futures were up 49 cents at $106.64 a barrel at 1707 GMT.

U.S. RBOB gasoline futures in New York were up 0.63 percent at $2.9300 a gallon, and the prompt crack was firmer at $21.99 a barrel.

Naphtha
Two cargoes of naphtha traded on Friday. Vitol sold a cargo to Gunvor at $920.50 a tonne cif NWE. Noble sold to Total at $921 a tonne cif NWE. That compared to a price of about $910 a tonne on Thursday.

The naphtha prompt crack was a little stronger at around minus $3.18 a barrel, compared to minus $3.55 a barrel on Thursday.

(Editing by David Evans)

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

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Energy

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

Skangass Celebrates Topping Up

Nordic liquefied natural gas operator Skangass  has celebrated a topping out ceremony at its Pori LNG terminal. The company said it was making progress in the

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Barges

Ingram Barge’s Sehrt Elected AWO Chairman

The members of the American Waterways Operators (AWO), the national trade association representing the tugboat, towboat and barge industry, elected a new slate

Seattle to Host Spill Preparedness Conference

The U.S. Coast Guard and Washington Department of Ecology will host a spill preparedness conference May 20-21 at the Jackson Federal Building in Seattle.   The

Towboat Delivered to Tidewater Transportation & Terminals

Tidewater Transportation & Terminals takes delivery of new towboat Crown Point from Vigor Industrial to be deployed in Tidewater’s Columbia and Snake River service

Logistics

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.3872 sec (3 req/sec)