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RTRS: Europe Products-Gasoline leads move higher, exports support
 
LONDON, Feb 3 (Reuters) - European oil product prices were
broadly higher on Wednesday, supported by export demand and cold
weather across much of the continent.
Gasoline traders eyed exports to the Middle East and Africa,
but distillate traders said the market continued to be well
supplied, despite relatively high levels of refinery
maintenance. [REF/E]

GASOLINE AND NAPHTHA
* Benchmark Eurobob gasoline barges jumped by about $30 to
trade between $704-$707 a tonne fob ARA from Tuesday's close.
* The rise outpaced that in crude oil prices and its crack
to dated Brent BFO- rose to $7.85 a barrel from $6.50 at the
close.
* Traders said the recent demand from Nigeria and the Middle
East continued to support gasoline prices in Europe's inland
market.
* Swaps show barge prices to average $705 a tonne for
February with the crack around $7.60. March is $708, with the
crack at $7.50.
* The arbitrage swap was a relatively limited $2.70 for
February, while March was a wide open $12.40.
* Although the spot arbitrage window to ship gasoline from
Europe to the United States is expected to be limited for
February, a fall in U.S. gasoline stocks and the Tuesday fire at
Valero's refinery in Canada pushed up market sentiment in
Europe, traders said.
* Valero Energy Corp's (VLO.N) 265,000 barrel a day refinery
near Quebec City was damaged by fire early on Tuesday, shutting
a key gasoline processing unit for an indefinite period.
[REF/OUT] [ID:nN02249182]
* Weekly oil data from industry group American Petroleum
Institute (API) showed gasoline stocks fell 1.2 million barrels,
against analysts' expectation for an increase. [EIA/S]
* Data from the U.S. Energy Information Administration will
follow on Wednesday at 10:30 a.m. EST. (1530 GMT)

MIDDLE DISTILLATES
* Gas oil differentials were unchanged on Wednesday, trading
at parity to ICE gas oil futures. Prices had traded at discounts
of $2-$5 at the beginning of the week.
* Traders said cold weather across much of Europe had
dragged up differentials, while the expiry of the February
futures contract next week was also helping to set the
direction.
* However, while demand has been relatively strong, the
market remains well supplied. Traders said refinery production
cutbacks were having little immediate impact on the market.
[REF/OUT]
* Differentials on 10ppm diesel were discussed within the
previous day's range at premiums of $14-$17 a tonne fob ARA.
* Extensive refinery maintenance in northwest Europe is
helping to support diesel levels but buying has been flat,
traders said. [REF/E]
* February ICE gas oil futures LGOc1 rose $16.50 to
$618.50 a tonne, helped by stronger crude and cold weather.
Prices have rallied by almost $40 a tonne so far this week.
* The prompt crack fell 20 cents to $6.90 a barrel.

FUEL OIL
* Barges of high sulphur fuel oil (HSFO) with 3.5 percent
sulphur rose to trade at $448 a tonne fob ARA, up $12 from
Tuesday.
* HSFO's crack spread rose to minus $3.50 a barrel from
minus $4.00 a barrel the previous day as gains outstripped those
on crude.
Source