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From Putrid Bison, 1 Month ago, written in Plain Text.
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  1.  Outright European fuel costs rose on the back of rallying crude prices to fresh 10-month highs Thursday, as splits continued to be broadly sustained throughout the day on problems about future supply, traders stated.
  2.  On Thursday, the FOB Rotterdam Eurobob gas barge cost climbed $25/mt from Wednesday's close to be valued at $1,122.50/ mt, while the FOB Rotterdam 10 ppm gasoline barge price obtained $27/mt to be assessed at $1,144/ mt.
  3.  Both markets go to highs not seen because May 10, 2011, Platts data programs, when EBOB barges were analyzed at $1,136/ mt and also 10 ppm barges were valued at $1,145/ mt.
  4.  The front-month ICE Brent agreement jumped $3.29/ b compared to its 1630 GMT Wednesday mark to trade at $126.25/ b at 1630 Thursday, as concerns concerning future unrefined supplies as well as market optimism concerning Greek financial obligation improved costs.
  5.  While high crude costs are the primary driver behind the price jump, traders said, the European fuel market is unseasonally solid as recent refinery closures in both Europe and also the US and also the opportunity of additional cuts to refining margins feed favorable view out there.
  6.  The balance-month FOB Rotterdam EBOB fracture swap, which measures the cost efficiency of EBOB barges versus Brent crude, fell 5 cents/b on Thursday to close at $8.90/ b, regardless of the sharp uptick in crude worths.
  7.  " Margins still aren't excellent, as well as refineries still have the choice to reduce [runs] to [strengthen] cracks," a gas investor stated. "If center distillates maintain dropping, something needs to keep the margins up, or refineries would certainly just quit entirely. https://www.iroatmp.com is favorable gas."
  8.  Investors stated that while general global demand for gasoline continues to be soft, recent refinery closures and also the possibility of extra run cuts on high crude rates is helping to bolster cracks.
  9.  " The difficult point is that need isn't terrific to start with, specifically in the United States and also Europe," another investor said of the solid cracks. "But arising markets as well as refinery closures seem to be propping up fractures. If we get run cuts, regardless of weak need, [splits] might keep up."
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