Europe Gasoline-edges back towards $700 on low refinery runs

LONDON, Nov 20 (Reuters) - European gasoline prices edged up
slightly towards the $700 mark on Friday, supported by refiner
cut backs.

Refineries in Europe ran at less than 83 percent of capacity
in Europe in October, industry monitor Euroilstock said on
Friday, and output of gasoline was down more than eight percent
year-on-year. [ID:nLK627522]

"Margins have taken some support," one broker said. "They're
back up to almost $7 given crude prices have dipped today."

PRICES

* Gasoline prices at the close edged up to trade at
$685-$698 a tonne fob ARA $695 a tonne on Thursday.

* Dealing was relatively quiet with 4,000 tonnes changing
hands.

* The Eurograde's crack to dated Brent BFO- rose by 30
cents to $6.80 a barrel.

* Brent crude futures LCOc1 were trading down 39 cents at
$77.25 a barrel.

* RBOB gasoline RBc1 was trading up 0.5 percent at just
above $1.98 a gallon.

SWAPS

* Gasoline swaps $692.50 for December, with the front end
still below physical prices.

* From January, the market is in contango, with that swap at
$700 a tonne. March is at $714.50, while April leaps to $731.25
a tonne.

* Traders looking to export to the United States in December
would currently make a small profit, with the December arbitrage
swap at $2,420 a tonne, up 20 cents since Thursday.

NAPHTHA

* The backwardation on naphtha swaps rose to $4 for
December/January from $3 on Thursday, pointing to strong demand
from petrochemical users in Asia.

* At least three cargoes have been booked to take naphtha
east from the Mediterranean, traders said earlier this week.

* The crack spread for December jumped up to minus $1.30 a
barrel from minus $1.90 the previous day.

(Reporting by David Sheppard and Emma Farge; editing by
Keiron Henderson)