Eurobob gasoline trade rises in November

Trade in Argus Eurobob gasoline barges was 231,300t in November, up by 17.5pc on the month driven by strong inland demand, particularly for the oxy-grade.

Eurobob non-oxy gasoline barge trade fell by 22pc to 73,200t, but oxy gasoline barge trade rose by 54pc to 158,100t. The total was 42pc lower on the year.

Northwest European gasoline margins to North Sea Dated crude remained unseasonably wide at an average of $10.70/bl in November, up from $6.32/bl in October and around $3.76/bl above the five-year average. Premiums were lower by 52¢/bl compared with November 2022, when the European market was affected French refining sector strikes and strong transatlantic demand.

This November demand primarily stemmed from inland, with export demand lacklustre. Refinery outages and planned maintenance works were widespread in Germany, which tightened supply. Through the month, traders said that E5 supply — a finished grade gasoline for which oxy is the blendstock — was tight, particularly around parts of the Rhine river basin and in southern Germany. This pushed buyers to look towards the Amsterdam-Rotterdam-Antwerp (ARA) hub to source gasoline, which supported margins and probably drove trade in the barge market.

The largest buyer of Eurobob non-oxy barges in November was trading firm Varo at 54,000t. Varo was also the largest buyer in October at 36,000t. Mabanaft was November's second-largest buyer at 8,000t, followed by ExxonMobil at 5,000t and BMV Mineraloel at 4,200t. The largest seller of non-oxy barges in November was Shell at 39,000t. It was also the largest seller in October at 77,200. The second largest seller in November was BP at 15,100t, followed by Gunvor at 13,100t.

The largest buyer of Eurobob oxy gasoline barges in November was Shell at 50,000t, up from 32,000t in October, when the firm was also the largest buyer. The second-largest buyer of Eurobob oxy barges in November was Varo at 31,000t. It bought just 9,000t in October. Litasco was the third largest buyer at 17,000t. TotalEnergies was the largest seller of oxy gasoline barges in November at 64,000t. It was also the largest seller in October at 77,000t. Glencore was the second-largest seller at 43,000t, followed by Trafigura and Gunvor which each sold 12,000t.

By Atishya Nayak and Jonah Sweeney