Europe Gasoline/Naphtha-Gasoline up as limited IEA impact seen

LONDON, June 28 Tue Jun 28, 2011 12:30pm EDT

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LONDON, June 28 (Reuters) - Gasoline barge prices in northwest Europe rose on Tuesday, following Brent crude oil futures up as the market calculated the impact of the IEA's decision to release some 3.4 million barrels of gasoline in Europe.

"It looks like (it will have a) very limited impact," said one gasoline broker.

He pointed out that sales of gasoline components from industry stocks would count as part of the gasoline release in meeting the International Energy Agency's target.

A gasoline broker said it was pretty slow in the northwest European market in the morning, but activity picked up in the window for premium unleaded sales. Benchmark Eurobob remained quiet however.

"It's been volatile recently, so it's difficult to trade," the gasoline broker said.

GASOLINE

* One barge of benchmark Eurobob traded in the window, at $954 a tonne fob ARA, up from Monday's range of $915-$918 a tonne. Cargill sold the barge to Totsa.

* Some 8,000 tonnes of Eurobob traded ahead of the window, at between $940-$952 a tonne fob ARA, rising as the day wore on.

* Mabanaft, Shell, BP and Cargill were sellers whilst Gunvor, Morgan Stanley, Total and Vitol were amongst the buyers.

* Friday's levels were at $943-$945 a tonne fob ARA, suggesting the market is recovering some of its nerve following the IEA's announcement.

* There was a step up in activity in the premium unleaded market, with some 23,000 tonnes trading. Prices rose to $962-$964 a tonne fob ARA from $934 a tonne fob ARA on Monday.

* Mabanaft, Statoil and North Sea Group were sellers whilst Totsa, Trafigura and Total were amongst the buyers.

* Eurobob's crack to dated Brent BFO- was up at about $6.07 a barrel by 1600 GMT from about $4.62 a barrel on Monday.

* At 1538 GMT ICE Brent crude futures LCOc1 were up $2.06 at $108.05 a barrel, off an intraday high of $109.05.

* U.S. RBOB gasoline futures RBc1 in New York were up 2.59 percent to $2.8801 a gallon around the same time.

* The prompt RBOB crack RB-CL1=R was up at $26.17 a barrel from $23.29 a barrel on Monday.

NAPHTHA

* There were no bids, offers, or deals in the physical naphtha window on Tuesday.

* "The problem is divergent views of the market," said a naphtha broker. "Sellers are very bullish and expect higher premiums and buyers are bearish and think the market will get weaker."

* The July naphtha swap was at $890.25 a tonne cif NWE and the August swap was at $894.43 a tonne cif NWE.

* The refining margin for naphtha for July was at about minus $7.70 a barrel and for August it was at about minus $7.30 a barrel, a broker said.

For latest physical prices double click on: , and . For energy speed guide page click on . For ARA oilstock data click on For European oilstock data click on For swaps prices double click on: gasoline <0#PU-ARA-S> naphtha <0#NAF-NWE-S> HS fuel oil <0#HFO-ARA-S> LS fuel oil <0#LFO-NWE-S> (Reporting by Claire Milhench; editing by Jason Neely)

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