LONDON, July 4 (Reuters) - The gasoline crack firmed on
Thursday as traders expected the publication of gasoline stocks
in the United States next week to show a decline, following the
travel-intense July 4 holiday.
A fall in stock levels could rejuvenate U.S. demand for
European gasoline, which has been unusually low this summer
A rise in refinery runs will start putting pressure on
margins again, one trader said. API's Falconara refinery is
restarting this month after being on maintenance since the start
of the year.
Despite the emergence of third-quarter Nigerian gasoline
allocations, buyers have yet to appear in the market, sources
said, but this demand will eventually underpin cracks.
Nigeria tends to blend in more naphtha than other buyers
when the gasoline/naphtha spread makes naphtha cheaper than
One market source said this was expected to happen this
time, giving the naphtha market a boost.
'Naphtha still looking long in the prompt, however we're
expecting a bit more interest for blending sometime in the next
week or so,' the source said.
* No Eurobob gasoline barges traded in the Platts window for
a tenth session.
* Some 6,000 tonnes traded on the Argus platform at an
average $965-$968 a tonne fob ARA, up slightly from $965.83 a
tonne on Wednesday.
* Two barges of premium unleaded gasoline traded at $979 a
tonne fob ARA, down from $984 a tonne in the previous session.
* By 1712 GMT, Eurobob's crack to dated Brent was at
around $9.53 a barrel, up from $8.69 a barrel at the close
* ICE Brent crude futures were down 30 cents at
$105.44 a barrel.
* U.S. RBOB gasoline futures for July were down 0.07
percent at $2.8363 a gallon and while the RBOB crack was at
$17.97 a barrel.
* There were two trades at $857 a tonne cif Northwest
Europe. Glencore sold both cargoes to Vitol. The deal was done
within the bid/offer range on Wednesday.
* The July naphtha crack swap was trading at around minus
$9.12 a barrel, just slightly up from 9.22 a barrel late,
according to Reuters calculations.
(Reporting by Julia Payne; editing by Jason Neely)
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Keywords: MARKETS EUROPE/GASOLINE
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