Eurobob gasoline barge traded volumes rise in October

Trades in Argus Eurobob gasoline barges totalled 196,800t in October, up by 14pc on the month as trade in both oxy and non-oxy gasoline grades rebounded from multi-month lows in September. Volumes were lower by 13pc on the year.

Eurobob non-oxy trade rose by 23pc to 93,800t, while oxy trade rose by 7pc to 103,400t. Non-oxy and oxy barge traded volumes were at six and seven month lows, respectively, in September.

Northwest European gasoline prices fell to their lowest monthly average since before the summer, while margins to North Sea Dated crude narrowed to their lowest since December 2022. Eurobob oxy gasoline premiums to Dated averaged $6.32/bl, down from $21.24/bl in September, and far below the $17.96/bl premium last October when tight supply caused by industrial action in the French refining sector and a strong US pull buoyed northwest European crack spreads.

The beginning of September typically signals the end of gasoline's peak seasonal demand. Demand for gasoline — domestically and for export — thinned from the middle of September, pressuring cracks to a 10-month low in mid-October. Demand re-emerged inland in the latter half of the month, but low Rhine water levels hindered the transit of product inland, allowing stocks to build in the Amsterdam-Rotterdam-Antwerp (ARA) hub. Water levels increased towards the end of the month, allowing greater intakes, which supported margins and activity in the Eurobob barge market.

The largest buyer of Eurobob non-oxy barges in October was Varo at 36,000t. Varo was also the largest buyer in September at 25,500t. TotalEnergies was the second largest buyer with 30,000t, followed by German firm Mabanaft at 9,200t. The largest seller of non-oxy barges in October was Shell at 77,200t, after being the second largest seller in September with 31,500t. The second largest seller in October was TotalEnergies at 8,000t — having been the largest seller in September with 35,800t — followed by Gunvor with 6,600t.

The largest buyer of Eurobob oxy gasoline barges in October was Shell, with 32,000t. The firm did not buy oxy barges in the month prior. The second largest buyer was Glencore at 20,000t, closely followed by Trafigura with 19,000t. TotalEnergies was the largest seller of oxy gasoline in October, parting with 77,000t. The firm sold just 12,000t in the month prior. Shell was the second largest seller at 18,000t, followed by Gunvor with 6,000t.

By Jonah Sweeney