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Northwest European gasoline refining margins continued to climb on Thursday, rising to a fresh 9-month high of $9.6 a barrel on strong overseas demand. Gasoline stocks in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose 3 percent in the week to Thursday, to 1.06 million tonnes, data from Dutch consultancy Insights Global, previously PJK International, showed.

Gasoline storage terminals in the ARA hub were congested after the arrival of a large numbe of barges in order to supply a surge in exports from the region, Insight Global's Lars van Wageningen said. US gasoline stocks fell by 1.8 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, Energy Information Administration data showed.

Several new tankers were booked to load gasoline in Europe to go to Mexico and the United States in recent days. European gasoline exports hit a two-year high this week after a recent drop in US stocks prompted buying ahead of the summer driving season. Figures from data analytics business Kpler showed European exports hit 1.46 million barrels per day this week, nearly double the rate in the previous two weeks.

Copyright Reuters, 2019


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