Gasoline and naphtha rally, Brent flat

Oil futures ended little changed at the end of the European week, maintaining Thursday and Wednesday's gains, but there was a rally in gasoline and naphtha prices.

Brent and Low Sulfur Gasoil futures nudged together.

June Brent highs in the day reached $67.38/b but the front month contract was close to its low of the day by the 16.30 UK marker, trading at $66.69/b, just 18 cts higher than yesterday.

The highs were propelled by data showing China's GDP up 18.3% year-on-year (albeit from a low point) underpinned firm oil import data from earlier this week, while US data showing strong retail sales growth and rising unemployed also helped consolidate the oil rally.

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Gasoline prices failed to follow Brent lower in the afternoon. Eurobob E5 gasoline traded twice at $644/mt as the market opened at 9am UK time, setting the price amid a dearth of activity afterwards, and pushing up the price $10/mt ($1.20/b) from yesterday. But the 16.30 UK time market of premium unleaded gasoline also saw a similar rise when crude was much lower, trading at 647/mt, was $8.25/ mt (99 cts/b) higher than yesterday. The premium unleaded gasoline cargo market also traded into Thames in the UK at $658/mt, and out of Thessaloniki in Greece at $626/mt.

Naphtha prices matched the $/mt rises in gasoline, and cracks versus Brent gained.

Diesel and gasoil prices were a tad higher amid the small gain in European distillate futures. The diesel cargo market into Amsterdam was bid at $2/mt and offered at $4/mt above Low Sulfur Gasoil futures.

Jet prices also moved in line with Brent. The jet cargo market saw offers into Rotterdam and bids into Le Havre, with sellers looking for slight premiums above the nearby swaps curve and buyers looking for small discounts.

The spot fuel oil market in ARA was steady, with high sulfur fuel oil and marine 0.5% sulfur fuel oil barges trading in narrow ranged and at the same level as Thursday.