Thu Mar 4, 2010 6:51pm GMT
LONDON, March 4 (Reuters) - European benchmark gasoline
prices fell from the highest levels since October 2008 after a
sharp rise in stocks in the Amsterdam-Rotterdam-Antwerp area.
Gasoline inventories held in independent tanks in ARA rose
to 974,000 tonnes from 772,000 last week, according to Dutch oil
analyst Pieter Kulsen. [ARA/]
Weaker RBOB gasoline futures also dampened hopes for a hike
in exports ahead of the U.S. driving season this spring.
PRICES
* Eurobob gasoline traded between $747-$752 a tonne fob ARA,
down from a mid-point of $752 the previous day.
* New York RBOB gasoline futures for March were down 1 cent
at $2.24 a gallon by 1823 GMT after hitting a 17-month high of
$2.2465 a gallon the previous day.
* Barge swaps held in contango on the curve, with March at
a $20 discount to April and at $742 a tonne fob ARA.
* The steep contango is encouraging storage, traders said.
NAPHTHA
* Naphtha cargo prices were steady at $740 a tonne cif NWE
as strong local buying interest overshadowed the closing
arbitrage to Asia.
* Four buyers -- Morgan Stanley, Shell, Vitol and Glencore
-- were seen in the market and placed bids between $733-$735 a
tonne cif NWE. Nothing was reported done.
* On a crack basis, spot prices were around $4.46 a barrel.
* The arbitrage opened earlier this week and Vitol is now
loading a vessel in the Mediterranean to go to Asia, a trader
said.
* "The market has been strong since last Friday," said a
broker. "I think the interest is from traders who are still
short rather than petchem end-users at the moment."
* Naphtha prices for March were priced $20 above the
competing feedstock LPG at $723 a tonne cif NWE, swaps showed.
* The March/April backwardation grew steeper to $18.
STOCKS
* Naphtha stocks held in independent tanks in ARA were
little changed at 47,000 tonnes compared with 45,000 tonnes last
week, Dutch oil analyst Pieter Kulsen said. [ARA]
* The contango at the front of the curve narrowed by $3.25
to $23.25 a tonne between March and April.
* The curve was in backwardation from April/May through to
the back end of the curve.
* The crack spread for the second quarter rose by 55 cents
from Monday to $11.50 a barrel.
* The arbitrage swap to the United States was $11.00 for
March, down 80 cents, but the April swap rallied to $11.75 from
$4.90 as traders priced in the possibility of stronger exports.
(Reporting by Emma Farge; editing by Keiron Henderson)
Source: http://uk.reuters.com/article/idUKLDE6232L620100304
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