Key insights
- European gasoline margins surged due to refinery maintenance and strong trading activity. High gasoline prices in California and potential SPR crude loans in the US are noted. This could lead to slightly positive sentiment for US-listed energy companies like XOM, BP and SHEL due to increased profitability, but is tempered by potential SPR releases.
Investing.com -- Northwest European gasoline refinery profit margins jumped $8.49 to $30.59 a barrel on Friday, reaching their highest level since August 2023, as oil prices declined.
Trading activity was robust, with 24,000 metric tons of E5 gasoline barges changing hands in the Argus window. BP (NYSE:BP), Shell (NYSE:SHEL), Gunvor and Equinor sold to TotalEnergies (NYSE:TTE).
An additional 8,000 tons of E10 gasoline barges traded, with Shell and Sahara selling to TotalEnergies, Exxon (NYSE:XOM) and Trafigura.
TotalEnergies’ Donges refinery went offline on April 27 for a two-month planned maintenance stop. The refinery, France’s second-largest, represents 20% of the country’s crude refining capacity and can refine about 11 million tons of crude annually.
In the U.S., California motorists were paying $6 a gallon for gasoline on Thursday, the highest price in two years ahead of the summer driving season.
The Trump administration said it was looking to loan energy companies up to 92.5 million barrels of crude from the Strategic Petroleum Reserve to calm oil markets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.