Northwest European gasoline margins climb for second day
Northwest European gasoline refining margins rose by $1.74, reaching $43.39 per barrel on Friday, marking the second straight session of gains. Trading activity on the same day involved roughly 2,000 metric tons of gasoline E5 barges, which ExxonMobil sold to Dutch trader TOTSA, and an additional 16,000 metric tons of gasoline E10 barges, which Shell sold to TOTSA.
China’s National Development and Reform Commission announced on Friday that it will reduce domestic retail price caps on gasoline and diesel starting Saturday, representing the fifth such reduction implemented this year.
Earlier in the week, an explosion at a petroleum products storage facility in the Rotterdam port resulted in one fatality and six injuries; police continue to investigate the cause of the blast.
Rotterdam port, Europe’s largest port, serves as a major hub for crude oil and fuel imports and storage. The incident occurred at a facility that houses Europe’s largest oil refinery, Shell’s 404,000‑barrel‑per‑day Pernis plant. Other major refiners operating at the port include BP, ExxonMobil, and Vitol.
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