Exports to the United States remained steady but still relatively low, as stronger output in Europe led refiners and traders to ship gasoline further field to Latin America, including Brazil, traders said. US gasoline stocks fell last week by 787,000 barrels, compared with analysts' expectations in a Reuters poll for a drop of 1.2 million barrels.
However, US refinery crude runs rose by 159,000 barrels per day, EIA data showed, while refinery utilization rates rose by 0.1 percentage point. Nigeria's state-run oil company NNPC will keep buying cheaper, lower-quality gasoline for now because the government has yet to circulate new rules forcing a switch by July to low-sulphur fuels, trading sources said. Naphtha demand weakened in recent days with limited exports to Asia. Most of the support came from European petrochemical demand and blending into the gasoline pool.
No barges of benchmark Eurobob gasoline traded. There were no bids or offers. Earlier, 4,000 tonnes changed hands at $536 a tonne fob Amsterdam-Rotterdam, compared with $552-$554 a tonne on Wednesday. Gunvor sold to Shell and Castleton. Two barges of premium unleaded gasoline traded at $5 a tonne fob ARA. Shell and Vitol sold to Gunvor. The June swap stood at around $544 a tonne at the close compared with $550 a tonne on Wednesday.
Brent crude futures were $1.65 lower at $52.31 a barrel by 1550 GMT. Gasoline barge refining margins were at $11.94 a barrel, up slightly from $11.89 a barrel at the previous close.