Iran has set July prices for crude oil it sells to its Asian term customers at the largest discounts in more than a decade against similar Saudi grades, after the United States cut off legitimate channels to buy Iranian oil. US gasoline stocks rose by 764,000 barrels last week, the Energy Information Administration said on Wednesday. US refiner PBF Energy Inc on Tuesday agreed to pay up to $1 billion for a California oil refinery that Royal Dutch Shell Plc has been trying to sell for at least four years.
Gasoline stocks in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub jumped by almost 29% in the week to June 6 to a three-month high of 1.08 million tonnes, data from Dutch consultancy Insights Global showed.
Profit margins for making naphtha have hit their weakest in over a decade in Asia and a seven-year low in Europe as the global economy weakens and large-scale processing unit outages hurt demand.