Asian buyers paid a bigger premium for gasoil cargoes relative to spot prices as ConocoPhillips sold the fuel in Singapore, the region’s largest oil-trading center. China Aviation Oil Singapore Corp. bought fuel oil.
Middle Distillates
ConocoPhillips sold 170,000 barrels of 0.5 percent sulfur gasoil, or diesel, in Singapore to Glencore International AG at 40 cents a barrel over benchmark quotes, according to a Bloomberg News survey of traders monitoring transactions on the Platts window. That’s up from a 30-cent premium in a transaction yesterday.
ConocoPhillips, the third-biggest U.S. oil producer, sold 150,000 barrels of gasoil with 10 parts-per-million of sulfur to BP Plc at $2.80 a barrel over quotes, the survey showed. The London-based company last year was the largest buyer of so- called ultra-low-sulfur diesel in Singapore.
Gasoil’s premium to Asian marker Dubai crude fell 71 cents to $16.66 a barrel at 2:34 p.m. Singapore time, according to PVM data. This crack spread, a measure of refining profit, is the narrowest since Sept. 15.
Jet fuel’s premium to gasoil rose 20 cents to $1.50 a barrel, PVM data showed. This regrade widened the most since July 22, indicating it was more profitable to produce aviation fuel compared with diesel.
Fuel Oil
PetroChina Co. sold 40,000 tons of 380-centistokefuel oil to China Aviation Oil at a premium of $5.75 a ton over benchmark prices, the survey showed. ConocoPhillips sold 40,000 tons of the same grade of fuel oil to Royal Dutch Shell Plc at a premium of $6 a ton to benchmark quotes.
Hin Leong purchased two 20,000-ton cargoes of 380- centistoke fuel oil from Vitol Group at a premium of $5.50 a ton over prices in the first half of October, the survey showed.
Fuel oil’s discount to Dubai crude narrowed 60 cents, or 11 percent, to $4.84 a barrel at 2:34 p.m. Singapore time, according to PVM data. The difference has narrowed 66 percent since the end of April, according to data compiled by Bloomberg. It may 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 narrowed by $1 to $8.50 a ton, the smallest gap in almost a week, PVM data showed. This viscosity spread indicating bunker, or marine fuel, has increased more than higher-quality fuel oil.
Light Distillates
Shell sold 50,000 barrels of 92-RON gasoline from Glencore International AG at $122.80 a barrel, the survey showed.
Naphtha’s premium to London-traded Brent crude futures, known as the crack spread, fell to $119.12 a ton at 5:50 p.m. Singapore time, from $121.94 at the end of trading in Asia yesterday, based on data compiled by Bloomberg.
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