Europe Gasoline-Prices fall $30; Med market supported

LONDON, Nov 24 (Reuters) - Benchmark European gasoline prices fell about $30 in moderate trading on Tuesday ahead of U.S. weekly data likely to show an increase in inventories.

Still, gasoline maintained relative strength against middle distillates, with support coming from the Mediterranean market.

Brokers said some traders still had some short positions for late-November and early December to cover in the Mediterranean market.

Gasoline prices in the Mediterranean held about $10 premiums per tonne to Northwest Europe on cif basis.



PRICES

* In the inland barge market, benchmark 10ppm premium unleaded gasoline prices traded at $680-$685 a tonne fob in late afternoon session from $712-$714 at Monday's close.

* ICE gas oil futures, European benchmark for middle distillates, were trading $22.25 lower at $606 a tonne.

* Total slowed down its buying spree, picking up 5,000 tonnes out of 17,000 tonnes traded throughout Tuesday.

* On Monday, Total was the main buyer and snapped up 16,000 of the total 17,000 tonnes reported done.

* The Eurograde's crack to dated Brent fell to $5.85 a barrel, after hitting a three-week high of $8.35 on Monday.

* Brent crude futures were trading down 80 cents at $76.64 a barrel by 1712 GMT.

* European gasoline swaps were around $680 a tonne fob ARA for December, with its discount to January around $7/$8 a tonne.

* Cracks were $5.15 for December.

* RBOB gasoline was trading up around 1.4 percent below $2 a gallon. Its crack to U.S. crude futures was around $6.57 a barrel.



U.S. GASOLINE INVENTORY

* Analysts in a Reuters poll forecast a 600,000 increase in U.S. gasoline stocks in the week to Nov. 20.

* Industry group American Petroleum Institute will issue its weekly inventory data at 2130 GMT on Tuesday. The U.S. Energy Information Administration will release its report on Wednesday at 1530 GMT.



NAPHTHA

* Physical naphtha cargoes did not actively trade.

* December cargo swaps were $673.75 a tonne cif NWE.

* The backwardation on naphtha swaps held at $4 for December/January.
(Reporting by Ikuko Kurahone Emma Farge)
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