July 12, 2018 / 4:07 PM / 4 months ago

Europe Gasoline/Naphtha-Cracks drop, U.S. exports support

LONDON, July 12 (Reuters) - Benchmark northwest European gasoline refining margins declined sharply amid high volatility in crude prices as exports to the U.S. East Coast slightly increased.

* ARA gasoline stocks were little changed in the week to Thursday at 988,000 tonnes, Dutch consultancy PJK International said.

* At least eight tankers were booked provisionally in recent days to load gasoline in northwest Europe or the Mediterranean to go to West Africa, shipping reports showed.

* U.S gasoline stocks fell by 694,000 barrels last week, compared with expectations in a Reuters poll for a 750,000 barrels drop, data from the Energy Information Administration showed on Wednesday.

* Overall, buying from the key U.S. East Coast market remained significantly lower for this time of year than in recent years, according to traders.

* A surge in U.S. refining output in recent months has led to a sharp rise in inventories in the country, dampening demand for imports, traders said.

* The 400,000 barrels-per-day Jubail Satorp refinery, a joint venture between Saudi Aramco and French company Total, has shipped its RBOB gasoline to the United States for the first time.

* The U.S. Environmental Protection Agency ditched a detailed plan that would have forced refiners to blend more biofuels into their gasoline and diesel in 2019 to compensate for volumes likely to be exempted under the agency’s small refinery hardship waiver program, according to newly released EPA documents.

GASOLINE

* No barges of Eurobob gasoline traded in the afternoon window. There were no bids or offers.

* Elsewhere, 15,000 tonnes of Eurobob gasoline traded in a range of $691-$701.50 a tonne fob Amsterdam-Rotterdam, down from $715-$721 a tonne the previous session. Total sold to Shell, Mabanaft, Trafigura, Hartree and BP.

* There were no deals on barges of premium unleaded gasoline.

* No cargoes traded.

* The August swap stood at $691 a tonne at the close, down from $717.25 a tonne.

* The benchmark EBOB gasoline refining margin declined to $11.006 a barrel, from $13.153 a barrel.

* Brent crude futures were up 12 cents at $73.52 a barrel at 1550 GMT.

* U.S. front-month RBOB gasoline futures were flat at $2.0615 a gallon.

* The U.S. RBOB refining margin RBc1-CLc1 was up 3.62 percent at $16.79 a barrel.

NAPHTHA NAF-C-NWE

* There were no trades. (Reporting by Ron Bousso; Editing by Mark Potter)

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