Prices for 97-RON gasoline rose in Asia after BP Plc, the biggest seller of the fuel on the Platts window this month, sold a cargo in Singapore. Hin Leong Trading Pte bought fuel oil for a third day.
Light Distillates
BP sold 50,000 barrels of 97-RON gasoline to Royal Dutch Shell Plc at $129.30 a barrel, according to a Bloomberg News survey of traders monitoring transactions on the Platts window. That’s more than the $126.60 that BP got for a cargo yesterday.
Morgan Stanley sold 50,000 barrels of 92-RON to PetroChina Co. at $125.20 a barrel, the survey showed. Glencore International AG sold 25,000 tons of naphtha for delivery in the second half of November to Shell at $983 a ton, and sold another 25,000 tons for the same period to Marubeni Corp. at $981 a ton.
Naphtha’s premium to London-traded Brent crude futures, known as the crack spread, rose to $127.56 a ton at 5:40 p.m. Singapore time, from $114.06 at the end of trading in Asia on Sept. 9, based on data compiled by Bloomberg.
Middle Distillates
BP sold 150,000 barrels of 0.5 percent sulfur gasoil, or diesel, to Hin Leong at 50 cents a barrel over benchmark quotes, according to the Bloomberg News survey. That’s up from a 40-cent premium in yesterday’s transaction.
BP bought 150,000 barrels of gasoil with 10 parts-per- million of sulfur from ConocoPhillips, paying $3 a barrel over quotes, the survey showed. The London-based company last year was the largest buyer of so-called ultra-low-sulfur diesel.
Gasoil’s premium to Dubai crude, the Asian crude benchmark, climbed $2.26 to $17.24 a barrel at 2:27 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread, a measure of refining profit, widened the most since March 15.
Jet fuel’s premium to gasoil dropped 5 cents to $1.75 a barrel, PVM data showed. This regrade narrowed for a third week, signaling it’s less profitable to produce aviation fuel over diesel.
Fuel Oil
Vitol Group sold two cargoes of 180-centistoke fuel oil totaling 42,000 tons to Mercuria Energy Ltd., according to the Bloomberg News survey. The price was $6.50 a ton above benchmark quotes for one cargo and a $6 premium for the second cargo.
Hin Leong purchased two 20,000-ton cargoes of 380- centistoke fuel oil, paying $1.25 a ton over September quotes to Brightoil Petroleum Holdings Ltd., the survey showed.
Fuel oil’s discount to Dubai crude narrowed 1 cent to $6.01 a barrel at 2:27 p.m. Singapore time, according to PVM data. The difference has narrowed almost 60 percent since peaking in April, according to data compiled by Bloomberg. It may fall further to average $5 a barrel in the third quarter and $4.50 in the fourth quarter, according to Standard Chartered Plc.
The premium of 180-centistoke fuel oil to 380-centistoke rebounded 50 cents to $9 a ton, the first gain in seven days, PVM said. This viscosity spread narrowed for a second week, indicating bunker, or marine fuel, has increased more than higher-quality fuel oil.
No comments:
Post a Comment