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Nov. 30 (Bloomberg) -- Asia fuel oil’s discount to Dubai crude widened while profits from refining gasoil fell on speculation slowing global economic growth will curb industrial- fuel demand.
High-sulfur fuel-oil swaps gained $8.75, or 1.3 percent, to $677.25 a metric ton at 3:02 p.m. Singapore time, according to data from PVM Oil Associates Ltd, a London-based broker.
Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened by 29 cents to $3.20 a barrel. Yesterday, the spread was at $2.91, the least since Nov. 14.
The premium of 180-centistoke fuel oil to the 380- centistoke grade increased 25 cents to $13.50 a ton.
South Korea’s industrial output slipped in October from the previous month as export demand from Europe weakened, according to data from Statistics Korea today.
Gasoil’s premium to Dubai crude narrowed 6 cents, or 0.3 percent, to $18.26 a barrel, PVM data showed.
December swaps for gasoil rose $1.50, or 1.2 percent, to $125.65 a barrel. Jet fuel’s premium to gasoil, also known as the regrade, was at 70 cents a barrel from 75 cents yesterday.
December swaps for naphtha, a petrochemicals and gasoline feedstock, gained $20.50, or 2.4 percent, to $890 a ton, according to PVM.
The swap value was at a premium of $57.31 a ton above Brent oil, down from $52.55 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg.
--Editors: Alexander Kwiatkowski, Christian Schmollinger
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