Oct. 25 (Bloomberg) -- Asia refining profits from gasoil rose for the sixth day, the longest rising streak in more than a year, on signs that demand for heating fuels is improving. Losses from making fuel oil widened a second day.
Gasoil’s premium to Dubai crude increased 29 cents to $18.30 a barrel at 2:29 p.m. Singapore time, according to data from PVM Oil Associates Ltd, a London-based broker. The spread, a measure of the profit from producing the fuel, has widened for the sixth day, the longest rising streak since the eight days ended April 7, 2010.
November swaps for gasoil gained 65 cents, or 0.5 percent, to $124.65 a barrel, PVM data showed. Jet fuel’s premium to gasoil, or the regrade, slid 15 cents to $2.35 a barrel.
China’s diesel stockpiles fell the most in at least 20 months, the official Xinhua News Agency reported on Oct. 21. Front-month heating oil futures gained 0.02 cents to $3.0548 a gallon on the New York Mercantile Exchange at 1:15 p.m. Singapore time, trading near the highest settlement in six days. Prices closed yesterday at $3.0546 a gallon, the highest since Oct. 14.
Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened 30 cents to $4.10 a barrel, PVM data showed. High-sulfur fuel-oil swaps rose $2.25, or 0.3 percent, to $666.50 a metric ton.
The premium of 180-centistoke fuel oil to the 380- centistoke grade was unchanged at $7.25 a ton.
November swaps for naphtha, a petrochemicals and gasoline feedstock, rose $7.20, or 0.8 percent, to $891.70 a ton, PVM data showed.
--Editors: Mike Anderson, Alex Kwiatkowski.
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