Gasoline cracks rise despite surprise US stock build

Northwest European gasoline refining margins rose by 80 cents to $23.03 a barrel on Wednesday, even as U.S. gasoline stocks registered a surprise build in the week to April 26 according to the Energy Information Administration (EIA).

• A total of 6,000 metric tons of Eurobob E10 traded, with Phillips 66 and Musket selling to Mabanaft and Varo.

• Another 8,000 tons of E5 gasoline traded. Litasco and Shell sold to ExxonMobil, Gunvor and Varo.

• European gasoline margins have remained relatively supported despite weakness in the diesel market. Demand for gasoline has been slightly more robust than for middle distillates, and is only expected to increase with the upcoming peak summer driving season, a trading source said.

• U.S. gasoline stocks (USOILG=ECI) rose by 0.3 million barrels in the week to 227.1 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.​

• Leading U.S. refiner Marathon Petroleum plans to operate its 13 refineries at 96% of their combined crude oil processing capacity, the company said on Tuesday, compared with 82% in the first quarter.

• Russian oil product exports from the Black Sea port of Tuapse are set to rise sharply in May to 1.532 million metric tons from the 0.727 million tons scheduled for April, two traders said on Wednesday.

• The Black Sea port will load 180,000 tons of naphtha in May, up from 150,000 a month earlier.