The main gasoline season is about to start and could prove make or break for European refiners struggling with poor margins. Europe might hope to benefit from a revival in global gasoline demand, as it has a persistent gasoline surplus to dispose of. And gasoline consumption is growing more strongly than diesel demand. US deliveries last month were up by 2pc/yr, reflecting lower pump prices and economic recovery. Gasoline stocks have fallen to the bottom of the five-year range for the first time in over a year. And the switch to summer grades, which cost more to make, has boosted Atlantic basin gasoline margins.
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