Bloomberg News

European Gasoline Rises; Demand Falls in Italy: Oil Products

November 14, 2012

Gasoline advanced in northwest Europe as Royal Dutch Shell Plc bought on the barge market.

Italy’s fuel demand plunged in October from a year earlier, government data show. Gasoil was little changed on the ICE Futures Europe exchange in London.

Light Products

Gasoline for loading in the Amsterdam-Rotterdam-Antwerp hub traded from $963 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with barge deals from $953 to $957 yesterday.

Statoil ASA sold the Eurobob grade, to which ethanol is added to make finished fuel. Barges typically trade in lots of 1,000 tons or 2,000 tons.

The fuel’s crack rose to $4.14 a barrel as of 10:47 a.m. local time, according to data from PVM Oil Associates Ltd., a crude and products broker in London. That compares with $4.05 yesterday.

Demand for the fuel in Italy fell 8.2 percent to 714,000 tons, according to data from the Ministry of Economic Development.

Naphtha’s discount to Brent widened 3 cents to $4.50 a barrel, PVM data showed.

Middle Distillates

Gasoil for December delivery rose 25 cents to $923.50 a ton on ICE as of 1:17 p.m. London time.

Gasoil’s crack fell to $15.53 a barrel versus $15.78 at 4:30 p.m. yesterday. Brent added 16 cents, or 0.2 percent, to $108.42 a barrel on ICE.

Demand for gasoil and diesel in Italy dropped 6.3 percent to 2.42 million tons last month, government data showed today.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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