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GASOLINE: Gasoline Support from Dangote Leak but Uptrend Uncertain: Sparta

GASOLINE
BulletEnergy BulletsCommodities

A small leak at a key gasoline-production unit at Nigeria’s 650kb/d Dangote refinery early this week provided some bullish sentiment in Europe. The outage boosted EBOB spreads and cracks but uncertainty surrounds an uptrend in the medium term, according to Sparta Commodities.

  • European pricing tightened as gasoline blending components prices for reformate, mixed xylene, and toluene hit new year-to-date highs.
  • Weak refining margins in the East suggest the market could become tighter in Feb as February east/west values rebounded after a $2/bbl drop the week before.
  • The trans Atlantic arb fell by about 5c/gal since mid-January to a low at almost 2 c/gal.
  • The European gasoline crack spread is today at the highest since August and the US crack the highest since November, Bloomberg data shows.
    • RBOB FEB 25 down 0.4% at 2.03$/gal
    • EU Gasoline-Brent up 0.3$/bbl at 9.68$/bbl
    • US gasoline crack up 0.1$/bbl at 13.78$/bbl
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A small leak at a key gasoline-production unit at Nigeria’s 650kb/d Dangote refinery early this week provided some bullish sentiment in Europe. The outage boosted EBOB spreads and cracks but uncertainty surrounds an uptrend in the medium term, according to Sparta Commodities.

  • European pricing tightened as gasoline blending components prices for reformate, mixed xylene, and toluene hit new year-to-date highs.
  • Weak refining margins in the East suggest the market could become tighter in Feb as February east/west values rebounded after a $2/bbl drop the week before.
  • The trans Atlantic arb fell by about 5c/gal since mid-January to a low at almost 2 c/gal.
  • The European gasoline crack spread is today at the highest since August and the US crack the highest since November, Bloomberg data shows.
    • RBOB FEB 25 down 0.4% at 2.03$/gal
    • EU Gasoline-Brent up 0.3$/bbl at 9.68$/bbl
    • US gasoline crack up 0.1$/bbl at 13.78$/bbl