LONDON, Nov 6 (Reuters) - European gasoline crack spreads
fell to two-week lows after a larger-than-expected jump in U.S.
unemployment in October, slamming the arbitrage to the key
export market shut.
The U.S. jobless rate jumped to more than a 26-year high of
10.2 percent in October in a move which is set to weigh on
demand for the motor fuel. [ID:nN06178752]
Swaps showed traders would now make a loss of $1 a tonne in
November from booking cargoes to the United States.
GASOLINE PRICES
* Barges of benchmark 10 ppm premium unleaded winter
gasoline PU-10PP-ARA fell to trade between $680-$683 a tonne
fob ARA from $707-$715 on Thursday.
* Eurograde's gasoline crack to dated Brent BFO- traded at
a two-week low of $5.58 a barrel, down from $6.57 a barrel.
* U.S. RBOB gasoline's RBc1 crack to dated Brent fell
sharply to $3.18 a barrel from a previous close of $3.86.
SWAPS
* The backwardation between November and December gasoline
swaps narrowed to $1.75 from $2.25, while the contango further
out grew more steep.
* Arbitrage swaps showed traders could expect to make a loss
of $1 -- compared with a 10 cent profit the previous day -- from
shipping cargoes west to the key U.S. export market this month.
NAPHTHA
* Naphtha swaps were flat for November/December at around
$676.50 a tonne cif NWE each.
* The crack for November was around minus $3.70 and minus
$4.40 for December.
(Reporting by Emma Farge; editing by James Jukwey)
Energy
