Europe Gasoline/Naphtha-Cracks slump as export activity slows
Nov 15 (Reuters) - Benchmark European gasoline barge refining margins extended losses on Tuesday, hitting their lowest since late September at $6.44 a barrel, as slowing exports from the region weighed and as U.S. inventories likely rose.
Gasoline exports on the transatlantic route remain subdued but are already on track to surpass the very low levels registered in October, Refinitiv analysts said.
Overall, the complex remains bearish as the off-season for gasoline and diesel takes centre stage, and as risks of a protracted recession coupled with high inflation cloud the outlook for fuel demand, they added.
Flows to West Africa seem to be starting November at a slower pace, after hitting an eight-month high in October. Total November export volumes across the United States and West Africa arbitrage routes are tracking at 575,000 tons so far, according to Refinitiv.
Analysts polled by Reuters estimated U.S. stockpiles of gasoline USOILG=ECI likely rose by about 300,000 barrels last week.
Workers at the BP refinery in Rotterdam will begin work-to-ruleon Monday, escalating their wage dispute with the company, a union representative said. In a work-to-rule action, employees maintain strict adherence to the terms of their contract, which effectively slows work and reduces productivity.
Russian oil output is set to fall 1.4 million barrels per day (bpd) year after a European Union ban on seaborne exports of Russian crude comes into effect, the International Energy Agency said on Tuesday.
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(Reporting by Ahmad Ghaddar
Editing by Mark Potter)