PetroChina Co. bought a diesel cargo in northwest Europe, its seventh this month. Gasoil rose as much as 1 percent on the ICE Futures Europe exchange in London as lower temperatures boosted demand for the heating oil.
Gasoline barges advanced while the fuel’s crack, or premium to Brent crude, increased.
Gasoline barges for loading in Amsterdam-Rotterdam-Antwerp traded from $1,092 to $1,100 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with deals yesterday from $1,082 to $1,096.
Morgan Stanley was the biggest seller of the Eurobob grade to which ethanol is added to make finished fuel. North Sea Group was the main buyer. Barge lots are typically for 1,000 tons or 2,000 tons.
Gasoline’s crack increased to $11.78 a barrel as of 2:18 p.m. local time, according to data from PVM Oil Associates Ltd., a London-based broker. That compares with $11.24 yesterday.
PetroChina purchased as much as 30,000 tons of ultra-low- sulfur diesel from Royal Dutch Shell Plc at a premium of $27 a ton to May gasoil for delivery to Lavera in southern France, according to a similar survey of the Platts pricing window, which ends at 4:30 p.m. London time. That’s $1 less than a trade on April 18.
Diesel barges traded at premiums of $16 and $17 a ton to May gasoil, according to the survey. That compares with yesterday’s deals at $15 to $17.
A barge of jet fuel changed hands at $66 a ton more than May gasoil, in line with yesterday, the survey showed.
Gasoil for May delivery gained 0.7 percent to $996.25 a ton as of 5:20 p.m. London time on the ICE exchange. The June gasoil contract was at $992.25, the same discount to front-month futures as yesterday.
Temperatures in Bonn, Germany, Europe’s largest heating oil market, are forecast to fall to a low of 3 degrees Celsius (37 Fahrenheit) tomorrow from 8 degrees today, according to data by CustomWeather Inc.
Gasoil’s crack, a measure of refining profitability, fell 2 cents to $14.98 a barrel. Brent crude declined 0.4 percent to $118.24 a barrel.
High-sulfur fuel oil traded at $682 to $686 a ton, the survey of Platts showed. That compares with yesterday’s deals at $673.25 to $674.50.
Repsol YPF SA is starting crude unit 2 and platformer P2 today at its 220,000 barrel-a-day Petronor refinery in Bilbao, Spain, according to a statement on the refinery’s website. Platformers make blending components for gasoline.
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