July 2, 2018 / 4:23 PM / 15 days ago

Europe Gasoline/Naphtha-Cracks firm as oil tumbles, exports weak

LONDON, July 2 (Reuters) - Benchmark northwest European gasoline refining margins rose on Monday after sharp falls in crude prices, though weak export demand capped further gains.

* Traders said export demand on the transatlantic route was weak amid high stock levels in the United States.

* There is limited demand for European gasoline in the West African market.

* Total naphtha flows into Asia for June reached 5.1-5.2 million tonnes, contracting from May’s revised total of 5.4-5.5 million tonnes, and well under the year-to-date monthly average of around 5.6 million tonnes, assessments by Thomson Reuters Oil Research showed.

GASOLINE

* No barges of Eurobob gasoline traded in the afternoon window. A bid emerged at $717 a tonne fob ARA.

* Elsewhere, 14,000 tonnes of Eurobob gasoline traded in a range of $722-$724 a tonne fob Amsterdam-Rotterdam, compared with $723-$736.50 a tonne the previous trading day. Total and CCI sold to BP, Shell, Finco and Hartree.

* AOT sold to Total a barge of premium unleaded gasoline at $726 a tonne fob ARA, down from $743-$744 a tonne on Friday.

* BP sold two cargoes to Vitol. The first was a fob Castellon cargo at $722 a tonne and the second was a fob Thessaloniki cargo at $726 a tonne.

* The August swap stood at $714 a tonne at the close.

* The benchmark EBOB gasoline refining margin rose to $10.146 from $9.294 a barrel.

* Brent crude futures were down $1.48 at $77.75 a barrel by 1546 GMT.

* U.S. front-month RBOB gasoline futures were down nearly 2 percent at $2.1671 a gallon.

* The U.S. RBOB refining margin RBc1-CLc1 was down 8.15 percent at $14.88 a barrel.

NAPHTHA NAF-C-NWE

* No cargoes traded. No bids surfaced but offers were at $652.50-$656 a tonne cif NWE, compared with offers at $663.5-$675 a tonne on Friday. (Reporting by Ahmad Ghaddar; Editing by Mark Potter)

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