Energy majors have yet to significantly despite sliding gasoline refining margins, traders said.
This, Reuters report, is possibly due to hopes for demand for gasoline from Saudi Arabia following attacks on its oil infrastructure.
A significant uptick of 500,000 barrels per day (bpd) of gasoline has been scheduled to travel from Europe to the Middle East over the last week.
According to the news agency, the unusual flows indicate Saudi Arabia is looking to replenish oil products affected by a crippling attack on two of its main energy facilities Sept. 14.
At least one cargo of Qua Iboe continued to be offered at a premium of about $3.00 to dated Brent, likely by Exxon.
Despite a supply glut of at least two dozen cargoes set to be exported in October, energy majors have not significantly reduced offers, leading to sluggish trading.
Nigeria’s Bonga crude oil stream will load five cargoes in November, down from six in October.
