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European Gasoline Margins Buoyed by US Refinery Maintenance

OIL PRODUCTS

Gasoline margins in Northwest Europe have risen to their highest since late September, buoyed by a squeeze on US supplies, according to Bloomberg.

  • Eurobob oxy gasoline’s premium to dated Brent crude stood at $13.82/bbl on Monday, according to General Index, the highest for this time of year since 2010.
  • Large draws in USGC gasoline stockpiles reflect the low run rates in the region, according to FGE.
  • Meanwhile, Europe’s motor gasoline surplus is much smaller than the 2015-2019 average.
  • “Supply disruptions in the US are looking very supportive for the Atlantic Basin in general,” said Philip Jones-Lux, an analyst at Sparta Commodities, cited by Bloomberg.
  • EU Gasoline-Brent up 0.5$/bbl at 18.74$/bbl
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