Europe Gasoline-holds firm at $700/T on December exports

LONDON, Nov 10 (Reuters) - European gasoline prices held
firm near $700 a tonne on Tuesday as traders eyed export
opportunities to the United States for December.

But prices were kept in check by signs Hurricane Ida is
unlikely to disrupt U.S. fuel supplies in the Gulf of Mexico,
reducing short-term arbitrage options for European traders.
[ID:nN09263651]

PRICES

* Barges of 10ppm premium unleaded winter gasoline held at
$699-$703 a tonne fob ARA, from $702-$704 at Tuesday's close.

* The crack to dated Brent BFO- fell by $1 to $5.50 a
barrel.

* U.S. RBOB gasoline RBc1 was trading about 0.3 percent up
at $1.98 a gallon, with its crack to U.S. crude futures CLc1
at $4.00 a barrel.

* U.S. crude futures were trading 0.1 percent up at $79.50 a
barrel.

* Gasoline prices in Europe were also supported by falling
inventories of the motor fuel. Industry monitor Euroilstock
reported gasoline inventories fell by 1.45 million barrels to
116.28 million barrels in October as refiners cut output to
support margins. [ID:nLA671649]

* On naphtha, Morgan Stanley bid for a cargo at $665 a tonne
cif NWE but nothing traded.

SWAPS

* On the swaps market, the balance of November was $694 a
tonne, with backwardation narrowing to 50 cents a tonne from
$3.50 on Monday.

* The spread between December and January was a contango of
$9.00 a tonne.

* Swaps showed the arbitrage gasoline shipment from Europe
to the United States would make a small profit of 15 cents per
tonne. Exports in December would make $2.90 a tonne.

(Reporting by David Sheppard; editing by Veronica Brown)