Shipping rates for European gasoline may rebound on speculation U.S. demand for refined oil products is increasing, Bloomberg reports. There may be export opportunities for gasoline and blending components in the U.S., according to a note from Vienna-based JBC Energy GmbH’s head of research David Wech today. In northwest Europe, 32 tankers were available for hiring to ship gasoline to the U.S., compared with 34 last week, a Bloomberg News survey of five shipbrokers and two traders showed.
While charter rates for vessels carrying 37,000 metric ton cargoes to the U.S. from Europe fell to 144.58 Worldscale points yesterday, the lowest level since June 8, demand is “busy” and traders can profit buying cargoes in Rotterdam and selling them in New York, Ben Goggin, a freight derivatives broker at SSY Futures Ltd. in London, said today by e-mail.
“We think the momentum will probably carry into next week, but will be a gentle firming rather than shooting up,” Goggin said. SSY Futures is a unit of the world’s second-biggest shipbroker.
Gasoline’s crack, a measure of refining profit, was at $8.47 a barrel in northwest Europe yesterday for August deliveries, up 12 percent from $7.55 a barrel on July 7, according to data from London-based brokerage PVM Oil Associates Ltd.
While charter rates for vessels carrying 37,000 metric ton cargoes to the U.S. from Europe fell to 144.58 Worldscale points yesterday, the lowest level since June 8, demand is “busy” and traders can profit buying cargoes in Rotterdam and selling them in New York, Ben Goggin, a freight derivatives broker at SSY Futures Ltd. in London, said today by e-mail.
“We think the momentum will probably carry into next week, but will be a gentle firming rather than shooting up,” Goggin said. SSY Futures is a unit of the world’s second-biggest shipbroker.
Gasoline’s crack, a measure of refining profit, was at $8.47 a barrel in northwest Europe yesterday for August deliveries, up 12 percent from $7.55 a barrel on July 7, according to data from London-based brokerage PVM Oil Associates Ltd.
