LONDON, May 5 (Reuters) - European gasoline barge prices
fell around $35 a tonne on Wednesday as crude futures slid lower
and higher gasoline stocks pointed to soft demand in the key
U.S. export market.
U.S. stocks of the motor fuel rose 1.5 million barrels last
week, according to the Energy Information Administration.
[EIA/S]
Crack spreads in both the U.S. and Europe fell sharply, with
gasoline losses outpacing crude oil.
Weaker demand from Nigeria due to better refinery
utilisation rates there was also weighing on prices, traders
said.
PRICES
* Gasoline barges of benchmark Eurobob traded at $764 a
tonne fob ARA compared with $799 the previous day.
* The Eurograde 10ppm premium unleaded gasoline traded on a
par with the benchmark at between $764-$766 a tonne fob ARA.
* Outright Brent futures for May LCOc1 fell by $2.76 to
$82.91 a barrel by 1741 GMT, while U.S. crude futures fell $2.60
to $80.14.
* New York RBOB gasoline futures RBC1 fell 4.56 percent to
$2.2166 a gallon by the same time.
CRACKS
* The spread between RBOB futures and U.S. crude prices fell
from an 11-month high of over $16 a barrel on Tuesday to under
$14 on Wednesday.
* Analysts said the sharp correction was due partly to
speculators reversing long positions.
SWAPS
* Gasoline swaps for May fell around $30 to $766 a tonne fob
ARA. The contango to June held steady at $4.
* Crack spreads corrected lower across the curve with the
front quarter swap falling nearly $1 to $7.50 a barrel.
* Naphtha swaps for May fell to around $739 a tonne cif NWE
from $756 a tonne the previous day.
(Reporting by Emma Farge; editing by James Jukwey)
Source: http://in.reuters.com/article/oilRpt/idINLDE6442KN20100505
fell around $35 a tonne on Wednesday as crude futures slid lower
and higher gasoline stocks pointed to soft demand in the key
U.S. export market.
U.S. stocks of the motor fuel rose 1.5 million barrels last
week, according to the Energy Information Administration.
[EIA/S]
Crack spreads in both the U.S. and Europe fell sharply, with
gasoline losses outpacing crude oil.
Weaker demand from Nigeria due to better refinery
utilisation rates there was also weighing on prices, traders
said.
PRICES
* Gasoline barges of benchmark Eurobob traded at $764 a
tonne fob ARA compared with $799 the previous day.
* The Eurograde 10ppm premium unleaded gasoline traded on a
par with the benchmark at between $764-$766 a tonne fob ARA.
* Outright Brent futures for May LCOc1 fell by $2.76 to
$82.91 a barrel by 1741 GMT, while U.S. crude futures fell $2.60
to $80.14.
* New York RBOB gasoline futures RBC1 fell 4.56 percent to
$2.2166 a gallon by the same time.
CRACKS
* The spread between RBOB futures and U.S. crude prices fell
from an 11-month high of over $16 a barrel on Tuesday to under
$14 on Wednesday.
* Analysts said the sharp correction was due partly to
speculators reversing long positions.
SWAPS
* Gasoline swaps for May fell around $30 to $766 a tonne fob
ARA. The contango to June held steady at $4.
* Crack spreads corrected lower across the curve with the
front quarter swap falling nearly $1 to $7.50 a barrel.
* Naphtha swaps for May fell to around $739 a tonne cif NWE
from $756 a tonne the previous day.
(Reporting by Emma Farge; editing by James Jukwey)
Source: http://in.reuters.com/article/oilRpt/idINLDE6442KN20100505
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