Wed Mar 17, 2010 6:22pm GMT
LONDON, March 17 (Reuters) - European gasoline prices rose
for a second day on Wednesday as official weekly oil data showed
a larger than expected fall in inventories in the United States,
the largest gasoline export market for oil companies in Europe.
The data from the Energy Information Administration (EIA)
showed U.S. gasoline inventories fell 1.7 million barrels, more
than double analysts' forecast for 800,000 barrel drop, in the
week to March 12. But the absolute inventory level was still
higher than a year earlier. [EIA/S]
"Both EIA and API showed quite a big draw in gasoline
stocks," a trader said. "Refiners here are still running at low
utilisation rates here, so the market is supported well."
PRICES
* Barges of Eurobob gasoline traded at $768 a tonne fob ARA,
firmer than $761-$764.25 deals at Wednesday's close.
* The crack to dated Brent BFO- also firmed to $11.25 a
barrel. On Tuesday, it fell to $10.73 from a six month high of
$12.85 hit on Monday.
* European premium unleaded gasoline barges traded at about
$10 higher at $787 a tonne, with Total as a buyer.
* A catalytic cracker at Total's Gonfreville refinery has
been shut since late last week. [REF/OUT]
* New York RBOB gasoline futures for April was trading 1
percent up at $2.2989 a gallon, with the crack around $14 a
barrel. RBc1
* ICE Brent crude was trading 1.24 percent higher at $81.55
a barrel by 1742 GMT. U.S. crude rose 1 percent to $82.53.
NAPHTHA
* Naphtha was bid at $750 a tonne cif NWE, $5 up from
Tuesday's bid level.
SWAPS
* Gasoline swaps were $779 a tonne for April. The
backwardation between April and May widened to $8 from $6 on
Tuesday.
* Naphtha swaps rose about $6 across the curve. April was
$726 and May $714.
MAINTENANCE [REF/OUT][REF/E]
* Finnish refiner Neste Oil (NES1V.HE) said on Wednesday it
would start to ramp down production at its Porvoo refinery for a
planned turnaround that would last six weeks.
* The last units will be closed down at the end of March and
actual maintenance work is scheduled to begin on April 6.
Source: http://uk.reuters.com/article/idUKLDE62G2K620100317
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