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Europe Gasoline/Naphtha-Falls ahead of specification change
September 13, 2012 / 5:06 PM / 5 years ago

Europe Gasoline/Naphtha-Falls ahead of specification change

LONDON, Sept 13 (Reuters) - Gasoline refining margins fell
back sharply on Thursday, pressured as traders looked to take
short positions on summer specification fuel ahead of the switch
to the winter grade.
    The market was quiet, with no trades of gasoline, or premium
unleaded bought or sold in the window.
    Market participants pointed to the deflation of the premium
that ballooned due to hurricane Isaac which shut off refinery
capacity in the United States.
   Gasoline stocks on the European side of the Atlantic fell,
according to data from Pieter Kulsen. 
    * No barges of benchmark Eurobob traded in the window for a
third day. 
    * Some 7,000 tonnes traded ahead of the window at
$1,110-1,138 a tonne fob ARA, with the price dropping later in
the session. it traded the previous day at $1,151-$1,157.
    * The early trades came at premiums to the October swap of
$85 a tonne, with the later slipping to $59 a tonne, well off
the plus-$100 highs of early September.
    * BP and Trafigura sold and Cargill bought. Gunvor appeared
on both sides of trades. 
    * At 1601 GMT Eurobob's crack to dated Brent BFO- was at
around $16.26 a barrel, sharply off the $22 a barrel around the
same time on Wednesday. 
    * No barges of premium unleaded gasoline traded in the
window. barges traded the previous day at $1,163-$1,164 a tonne.
    * Trafigura sold a barge to Total and Gunvor sold a barge to
    * ICE Brent crude futures were up 48 cents at
$116.44 a barrel at 1613 GMT.
    * October U.S. RBOB gasoline futures were down 1.65
percent at $2.9522 a gallon around the same time.
    * RBOB's crack to U.S. crude futures RB-CL1=R was at
$26.58 a barrel, sharply below the $30.69 a barrel around the
same time the day before. 
    * Vitol bought five cargoes at $986-$988 a tonne cif NWE
from Glencore, Statoil, Gunvor and Morgan Stanley. This was
below the $1,000-$1,002 a tonne seen on Wednesday.
    * The prompt naphtha crack weakened to around minus $6.40
from minus $3.51 a barrel the previous day, pulled lower with

 (Reporting by Simon Falush; editing by James Jukwey)

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