Europe Gasoline/Naphtha-Cracks broadly stable despite U.S. stockpile rise

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Feb 8 (Reuters) -Northwest European gasoline refining margins were broadly stable at around $13 a barrel on Wednesday shrugging off higher U.S. stockpiles against the backdrop of strengthening exports.

  • Finnish refiner Neste NESTE.HE on Wednesday posted strong revenue and profit growth in its renewable fuels business even as its chief executive flagged the long-term need for new raw materials amid growing European demand for sustainable jet fuel.

  • U.S. crude inventories USOILC=ECI rose by 2.4 million barrels in the week ended Feb. 3 to 455.1 million barrels, their highest since June 2021. EIA/S

  • U.S. gasoline stocks USOILG=ECI rose by 5 million barrels to 239.6 million barrels, the EIA said, far surpassing the 1.3 million barrel rise that analysts expected in a Reuters poll.

  • Northwestern European gasoline shipments to the United States and West Africa jumped to an eight-month high in January as refinery issues across the Atlantic and cheaper freight boosted loadings. Exports on the two major arbitrage routes of the US and WAF reached 2.2 million tonnes in January, up from 1.64 million mt in December, Refinitiv analysts said on Friday.

  • BP Azerbaijan has declared force majeure on loadings of Azeri crude from the Turkish port of Ceyhan, after a series of earthquakes on Monday, the company said on Wednesday.

  • The U.S. Energy Information Administration on Tuesday raised its 2023 world oil demand growth forecast by 60,000 barrels per day to 1.11 million bpd.

  • In its monthly forecast, the agency raised its oil demand growth estimate for 2024 by 70,000 bpd to 1.79 million bpd.

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Reporting by Shadia Nasralla; Editing by Shailesh Kuber


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