Bloomberg News

Asia Jet Fuel Rises; Gasoil Refining Profit Widens: Oil Products

December 29, 2011

Dec. 29 (Bloomberg) -- Jet fuel swaps rose to the highest in almost a week. Refining profits from gasoil rebounded from a two-day decline.

Middle Distillates

January swaps for jet fuel rose by 5 cents to $122.10 a barrel at 10:26 a.m. Singapore time, the highest since Dec. 23, according to data from PVM Oil Associates Ltd.

Gasoil traded at a discount of 10 cents to jet fuel, signaling demand for aviation fuel is outpacing diesel. The discount was at 15 cents yesterday, the most since June 2009.

Gasoil’s premium to Dubai crude rose 69 cents, or 4.1 percent, to $17.54 a barrel, PVM data showed.

Fuel Oil

Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, narrowed 38 cents, or 11 percent, to $3.08 a barrel, PVM data showed.

High-sulfur fuel-oil swaps fell $2, or 0.3 percent, to $660.25 a metric ton. The premium of 180-centistoke fuel oil to the 380-centistoke grade declined by 25 cents to $10.75 a ton.

Light Distillates

January swaps for naphtha, a feedstock for petrochemicals and gasoline, dropped $4.25, or 0.5 percent, to $901.75 a ton, PVM data showed.

The swap value was at a premium of $92.52 a ton to Brent crude futures, down from $95.64 at the end of Asian trading yesterday.

--Editors: Alexander Kwiatkowski, Christian Schmollinger

To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net -0- Dec/29/2011 05:45 GMT


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