Global energy giants Chevron Corp and Exxon Mobil have asked US regulators for exemptions to the nation's biofuels policy that have historically been reserved for small companies in financial distress, according to sources familiar with the matter.
Opec and its allies appear to have accomplished their mission of reducing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the market could become too tight if supply remains restrained.
The IEA also raised the spectre of a "perfect storm brewing for refiners" as additional capacity expansions this year are set to outstrip oil demand growth.
The small crude distillation unit (CDU) and gasoline-producing unit were running at full production on Friday at Total SA's 225,500 barrel per day (bpd) Port Arthur, Texas, refinery, said Gulf Coast market sources.
There were no trades of eurobob gasoline during the afternoon trading window. One bid emerged at $685 a tonne fob ARA, up from a bid at $679 a tonne on Thursday.
Elsewhere, 5,000 tonnes traded at $679-$685.50 a tonne fob ARA, compared with trades at $682 and $683 a tonne the previous session. Prax sold to Trafigura, Glencore sold to BP and Varo sold to Finco.
Statoil sold to Total a barge of premium unleaded gasoline at $695 a tonne fob ARA, up from $688 a tonne fob ARA.
The May swap stood at $687.75 a tonne at the close, compared with $683.50 a tonne.
The benchmark EBOB gasoline refining margin fell to $8.87 a barrel from $9.40.
Brent crude futures were 76 cents higher at $72.78 a barrel at 1614 GMT.