Europe Gasoline-Falls on ample supply despite low runs

LONDON, Nov 12 (Reuters) - European gasoline prices fell by
about $20 a tonne on Thursday as weak demand kept inventories
higher than a year earlier despited lower refinery utilisation
rates in Europe and the United States.

PRICES

* Gasoline prices fell to trade between $677 and $679 a
tonne fob ARA, down from between $694-$698 at Wednesday's close.

* But the fall in Eurograde gasoline was limited compared
with crude oil and its crack to dated Brent BFO- rose to $7.75
a barrel from $5.70 on Wednesday, which was the lowest in about
three weeks.

* U.S. RBOB gasoline RBc1 was trading about 3 percent
lower at $1.9322 a gallon by 1819 GMT, with its crack to U.S.
crude around $4.24 a barrel. RB-CL1=R

INVENTORIES, CARGO IMPORT

* Gasoline inventories remained much higher than a year
earlier across the Atlantic.

* Gasoline stored at the ARA independent tanks totalled
733,000 tonnes, compared with 608,000 tonnes a year earlier,
Dutch analyst Pieter Kulsen said on Thursday.

* The tanks received a rare gasoline cargo sailing from the
United States for a second consecutive week. [ARA/]

* U.S. government data showed gasoline inventories increased
to 210.8 million barrels even though the refinery utilisation
rates fell 0.7 percent to 79.9 percent, the lowest reading since
late September 2008. [EIA/S]

SWAPS

* On the swaps market, December was $694.00 a tonne.

* Intermonth spreads further down the curve were little
changed in contango with December/January and January/February
both around $8/$9.

* Swaps showed the arbitrage opportunity may improve for
December. Gasoline shipment from Europe to the United States
would make a profit of $2.85 a tonne.

* November/December naphtha swaps were in a $1
backwardation. The December/January structure was flat.

(Reporting by Ikuko Kurahone; Editing by Keiron Henderson)