BP Plc and Total SA sold gasoline in northwest Europe. Gasoil for March rose on the ICE Futures Europe exchange in London.
Gunvor Group Ltd. will buy the 107,500 barrel-a-day Antwerp refinery in Belgium from insolvent Swiss refiner Petroplus Holdings AG and plans to restart the plant as soon as possible.
Gasoline (MOGEEURB) barges for immediate loading in Amsterdam- Rotterdam-Antwerp traded at $1,106 to $1,110 a metric ton with about 13,000 tons changing hands, according to a survey of traders and brokers monitoring the Argus Bulletin Board. That was within the range of yesterday’s trades at $1,100 to $1,115.
BP and Total were the two sellers of the Eurobob grade, to which ethanol is added to make finished fuel. Cargill Inc. and Noble Group bought for a second day.
The product’s crack, or premium to Brent crude, dropped to $11.17 a barrel, according to data from PVM Oil Associates Ltd., a London-based crude and fuel broker. The spread climbed to $11.41 a barrel yesterday, the most since May 13.
Gasoline inventories in the region are “significantly below the five-year range,” as companies export the product to the Middle East and West Africa which have a scarcity, Gareth Lewis-Davies, senior energy strategist at BNP Paribas SA, said in a report today.
Naphtha’s discount to Brent widened to $5.07 a barrel from $4.29 yesterday, PVM data showed.
March gasoil rose for a second day, gaining $8.25 to $1,017.75 a ton on the ICE exchange as of 12:31 p.m. London time. Gasoil for April increased to $1,019.75, keeping the contract’s premium, or backwardation, unchanged at $2.
The fuel’s crack, a measure of refining profitability, was up $2.55 at $12.05 a barrel. It fell to a five month low at $9.51 a barrel in the previous session. Front-month Brent fell 1.1 percent to $124.76 a barrel on the ICE exchange.
Gunvor expects to complete the deal to buy the Antwerp refinery in six to eight weeks, the company said in a statement today, without disclosing financial details. All of the plant’s staff will be retained, the trader said.
“We are delighted to have won the bid for what will be a significant asset for the group as we look to expand our presence and trading activities in the Amsterdam-Rotterdam- Antwerp region,” Torbjorn Tornqvist, Gunvor’s chairman and chief executive officer, said in the statement.
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