Cracks inch up, but low exports continue to weigh

Benchmark northwest European gasoline barge refining margins inched up to around $5 a barrel on Tuesday, but remained lower than margins of over $20 at the beginning of the month, as exports from the region remained relatively weak.

• Transatlantic exports remain subdued, according to Refinitiv analysts, although U.S. East Coast stockpiles at 10-year lows might prompt an uptick.

• Total November export volumes across the United States and West Africa arbitrage routes reached 1.4 million tons to Nov. 25, down from 2 million tons last month, they added.

• Also bullish for cracks, gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell to 1.269 million tonnes in the week to Thursday, data from Dutch consultancy Insights Global showed.

• Separately, tough new sanctions on Russian oil shipments taking effect from December are likely to boost already high tanker rates as buyers race to replace cargoes and are forced to use longer routes, a leading ship manager said.

• European Union governments failed to agree on Monday on a price cap on Russian seaborne crude oil, as Poland insisted that the cap had to be set lower than proposed by the G7 to cut Moscow's ability to finance its invasion of Ukraine, diplomats said.

• Temporary gasoline shortages could be affecting about a quarter of Hungary's filling stations, including as many as 100 owned by oil and gas group MOL MOL, news site Telex.hu reported on Tuesday.

• Italy's government is set to nationalise the Lukoil-owned LKOH.MM ISAB refinery in Sicily and will ask the cabinet to decide on the matter at a meeting scheduled on Thursday, la Repubblica reported, citing sources involved in the matter.

• Talks on Monday between management and unions at BP's 400,000 barrel-per-day Rotterdam Refinery BP. were not successful, a union spokesperson said, and labour actions at the large facility will continue.