Naphtha-Gasoline crack in Europe rises to highest level in nine months

01-Apr-14

Gasoline refining margins in northwest Europe rose on Friday to their highest level in nine months as refinery maintenance and strong demand overseas limited supplies, as per Reuters. At least four new tankers were booked over the past day to ship gasoline to West Africa, the U.S. East Coast and Latin America, Reuters shipping data showed. Supplies in the region were expected to further tighten in April as refinery maintenance increases and demand for gasoline from the U.S. East Coast rises ahead of the summer, traders said. "April might be tight in the Med. I don't see a lot of oil around, there is some maintenance going on and good demand from Algeria and the Red Sea," a trader said. Around 1.5 million bpd of refining capacity, more than 10% of the region's capacity, are expected to go off line in April for maintenance.