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European gas supply

Oil & Gas

Surge in gasoline demand throws lifeline to European refiners

The scramble for gasoline this summer has thrown a lifeline to European refiners, pushing gasoline cracks to multi-year highs and tightening the market for the fuel's components, but the seasonal effect next year is likely to be more muted. Stephen George, chief economist at UK-based consultancy KBC Advanced Technologies, said demand for gasoline in the United States and China had risen by about 600,000 barrels per day (bpd) year-on-year, triggered by lower oil prices. "It's about twice as strong as distillate demand growth this year, while new market supplies are skewed to diesel," George said in the Reuters Global Oil Forum on Thursday.