LONDON, May 1 (Reuters) - Gasoline and naphtha prices sank
on Wednesday following steep crude losses, but naphtha cracks
firmed on the back of stronger than usual demand for product
from the east.
Traders expected up to 1 million tonnes of naphtha to head
to Asia in May due to a widening price gap between the regions,
up from the average of around 600,000 tonnes. April also saw a
large volume heading east of some 800,000 to 900,000 tonnes,
another market source said.
Eurobob hit its lowest level since June 2012 after a deal
was done at $902 a tonne fob ARA, with the outlook for U.S.
demand looking increasingly bearish after a surprise rise in
stocks in the target market New York Harbor.
U.S. crude stocks hit an all-time high, pressuring oil
futures, and U.S. East Coast gasoline stocks hit 61.7 million
barrels last week, up about 8.3 million barrels from the same
time last year.
The gasoline crack fared no better than Eurobob, losing more
than $1 a barrel.
* Two barges of benchmark Eurobob gasoline traded during the
window at $902-$903 a tonne fob ARA, down sharply from $943-$944
a tonne on Tuesday. Gunvor sold both barges to Shell.
* Ahead of the window, five barges traded on the Argus
platform at $908-$942 a tonne fob ARA. The wide range reflected
the sharp fall in crude oil in the afternoon, which dragged down
prices. BP sold all the barges to Gunvor, Total and Cargill.
* Deals in the previous session were at $941-$955 a tonne
* Trades came in a discount-to-premium range to the May swap
of minus $2 to plus $3 a tonne fob ARA.
* Five barges of premium unleaded traded at $901-$911 a
tonne fob ARA, down from $940-$943 a tonne. Trafigura sold to
BP, Total and Gunvor.
* In the Mediterranean, Trafigura offered a cargo down to
$887 a tonne fob Santa Panagia and flat to the mean Med fob
price loading May 15-19.
* By 1757 GMT, Eurobob's crack to dated Brent was at $9.03 a
barrel, down from $10.74 a barrel in the previous session.
* ICE Brent crude futures were down $2.71 at $99.66
* U.S. benchmark RBOB gasoline futures in New York
were down 3.13 percent at $2.7143 a gallon around the same time.
* One naphtha cargo traded at $784 a tonne cif Northwest
Europe, down from $804 a tonne on Tuesday. Dow sold to Shell.
* The crack strengthened slightly to around minus $11.56
from minus $12.04 a barrel, according to Reuters data.
(Reporting by Julia Payne; Editing by David Holmes)
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Keywords: MARKETS EUROPE/GASOLINE
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