Nov. 9 (Bloomberg) -- Asia’s naphtha crack increased. Trafigura Beheer BV extended its gasoil purchases in Singapore, the region’s biggest oil-trading center.
Naphtha’s premium to London-traded Brent crude futures rose to $40.84 a metric ton at 6:20 p.m. Singapore time from $28.47 at the end of Asian trading yesterday, according to data compiled by Bloomberg. This crack spread, a measure of processing profit, has dropped about 23 percent this month.
Vitol Group sold 25,000 tons of naphtha for first-half January delivery at $901 a ton to Mabanaft Gmbh & Co., according to a Bloomberg survey of traders who monitored transactions on the Platts system. Glencore International AG sold 50,000 barrels of 92-RON gasoline to Trafigura Beheer BV at $116.90 a barrel.
Trafigura bought gasoil, or diesel, with 0.5 percent sulfur for a third day in Singapore, according to the Bloomberg survey. The Amsterdam-based company paid 30 cents a barrel over November quotes to Vitol Group, to load 250,000 barrels between Nov. 24 and Nov. 28.
Gasoil’s premium to Asian marker Dubai crude rose 33 cents to $19.48 a barrel at 2 p.m. Singapore time, based on data from PVM Oil Associates Ltd., a broker. This crack spread is a measure of refining profit.
Jet fuel’s premium to gasoil fell 5 cents to $1.85 a barrel, PVM data showed. A narrower regrade indicates it is less profitable to produce aviation fuel over diesel.
BP Plc bought 100,000 barrels of jet fuel from Royal Dutch Shell Plc at 10 cents a barrel below benchmark prices, for loading from Nov. 24 to Nov. 28, the Bloomberg survey showed. BP last month was the largest jet-fuel buyer in Singapore, purchasing at least nine cargoes totaling 1.05 million barrels. Shell sold five of those cargoes.
Fuel oil’s discount to Dubai crude narrowed 29 cents to $3.22 a barrel at 2 p.m. Singapore time, based on PVM data. The difference widened $1.01 the past two days, signaling losses for refiners turning oil into residual products.
The premium of 180-centistoke fuel oil to 380-centistoke grade increased 50 cents to $9.25 a ton, PVM said. This viscosity spread is the widest since Sept. 20, meaning bunker, or marine fuel, has advanced less than higher-quality fuel oil.
--Editor: Mike Anderson.
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