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Europe Gasoline/Naphtha-Cracks slump as export activity slows

Reuters · 11/15/2022 12:29
Europe Gasoline/Naphtha-Cracks slump as export activity slows

- 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-rule industrial action on 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)

((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.))