Benchmark northwest European gasoline barge refining margins on hit their highest since August 2015 on Thursday, Refinitiv Eikon data showed, reaching over $26 a barrel after data showing a drop in U.S. gasoline stockpiles.
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TotalEnergies began the process of restarting the 231,000 barrel per day (bpd) Donges oil refinery in France on April 26, after it was taken offline in December 2020.
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A rare naphtha cargo from Brazil arrived, reversing the usual flow, possibly attracted by strong demand from the gasoline sector, which is supporting higher imports more generally, said Insights Global’s Lars van Wageningen.
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Another rare cargo arrived in the form of a gasoline shipment from Turkey, possibly a way for suppliers who normally sell Russian product to fulfil contracts with clients with product from other origins.
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U.S. gasoline stocks (USOILG=ECI) fell by 1.6 million barrels last week, Energy Information Administration data showed on Wednesday.
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U.S. East Coast gasoline inventories fell last week to 50.7 million barrels, their lowest since November 2014, the EIA said. ​
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Shell (SHEL) on Wednesday tightened its restrictions on buying Russian oil, saying it would no longer accept refined products with any Russian content, including blended fuels.
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Japan’s industry ministry on Tuesday extended an emergency subsidy programme for gasoline and other fuels to the end of September and lifted the ceiling on the subsidy to 35 yen ($0.27) per litre from 25 yen to cushion the blow from higher fuel prices.
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Global commodities trader Trafigura will stop all purchases of crude oil from Russia’s state oil company Rosneft by May 15, a spokesperson said on Tuesday.
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Rosneft offered oil products from its refineries for loading during May-June in a tender requiring pre-payment in roubles, three market sources told Reuters on Tuesday. NNN: Wigglewaggle, spin control in over drive and endless blow and go does not heat your house, power your car or fuel jets. It takes gas and oil and refineries. We are in a no shit flow blown energy crises. Thats all you need to know to trade the markets. Now add the growing shooting war in the Ukraine and commodity and metal shortages and you got some of the greatest trades ever… See how they RUN prices higher and higher!