LONDON, July 5 (Reuters) - Physical gasoline refining
margins continued to climb on Friday, heading for the highest
finish in about 10 days, as U.S. motorists took to the roads for
the Independence Day long weekend.
Gasoline rose faster than oil, which also rallied after
Egypt's army said it was 'on alert' in Sinai following an
Despite the stronger market, traders were cautious and said
there was little prospect of a long-term recovery in crack
'Margins have never been that exciting. If refineries turn
up production because cracks have a bit of strength, the market
immediately corrects and they immediately come back down,' said
Exports of gasoline to the United States ahead of the
holiday have been slow.
Naphtha prices also increased on Friday, driven by gains in
gasoline and oil, although the rise lagged crude markets,
causing refining margins to narrow by around half a dollar
during the session.
Looking ahead to next week, naphtha could see more support
from Asia, where prices finished near a three-month high on
* No Eurobob gasoline barges traded in the Platts window for
an eleventh session.
* Four deals were done ahead of the window in a range of
$969-$981 a tonne fob ARA, up from $965-$968 a tonne fob ARA on
* Two barges of premium unleaded gasoline traded at $988 and
$989 a tonne fob ARA during the window, above deals done at $979
a tonne fob ARA on Thursday.
* Gunvor bid for a cargo of gasoline in the Mediterranean at
up to $983 a tonne, but no offers emerged.
* By 1530 GMT, Eurobob's crack to dated Brent was at
around $9.36 a barrel, ending the week near a 10-day high.
* By 1530 GMT Brent crude futures were up $1.47 at
$107.01 a barrel.
* U.S. RBOB gasoline futures for July were up 1.33
percent at $2.8759 a gallon while the RBOB crack was at $18.31 a
* Glencore sold a cargo of naphtha to BP at $869 a tonne cif
NWE for delivery on July 18-22. This was above Thursday's deal
done at $857 a tonne cif NWE.
* The July naphtha crack swap was trading at around minus
$9.60 a barrel, about 50 cents lower than the previous
afternoon, according to Reuters calculations.
(Reporting by Jessica Donati; Editing by Anthony Barker)
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