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LONDON, Nov 11 (Reuters) - European gasoline crack spreads hovered near three-week lows beneath $6 a barrel as muted local demand and a lack of spot arbitrage opportunities to the United States weighed. Barge prices fell below $700 a tonne fob ARA despite a jump in Brent crude prices towards $78 a barrel in intra-day trade. PRICES * Gasoline prices fell to trade between $694-$698 a tonne fob ARA, down from between $702-$704 on Wednesday's close. * The crack to dated Brent was at around $5.92 a barrel. * U.S. RBOB gasoline was trading about nearly 2 cents higher at $1.99 a gallon, with technical charts showing that $2 a gallon was being enforced as a key resistance level. * No naphtha discussion was reported on Wednesday but traders saw prices moving sideways in a balanced market. * "Petrochemical firms can pick up some stuff but blenders are holding back and those who have cargoes would rather wait for the arbitrage to open," said a trader. SWAPS * On the swaps market, balance of November was $697.50 a tonne fob ARA and $1 above the December contract. * Intermonth spreads further down the curve were in contango with December/January and January/February both around $8.50. * Swaps showed the arbitrage gasoline shipment from Europe to the United States would be unprofitable for November. Exports in December would make $3 a tonne. * November/December naphtha swaps mirrored gasoline and were in a $1 backwardation. The December/January structure was flat. * The spread between propane -- a grade of the feedstock liquefied petroleum gas -- and naphtha was at $7 for November and $4 for December, with naphtha at a discount. * This will ensure that naphtha remains the feedstock of choice for the remainder of the year, traders said. For latest physical prices double click on: , and. For energy speed guide page click on. For ARA oilstock data click on For European oilstock data click on For swaps prices double click on: gasoline naphtha HS fuel oil LS fuel oil Keywords: MARKETS EUROPE GASOLINE (Xtra clients: Click on http://topnews.session.rservices.com to see Top News pages in multimedia Web format.) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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