Refinery Profits Surge as Japan Quake Knocks Out Plants
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The profit from making gasoil in Asia surged to the highest in 2 ½ years and fuel oil’s loss narrowed the most in a month after Japan’s biggest earthquake knocked out power plants and refineries.
The premium of gasoil, or diesel, to Dubai crude rose 13 percent to $23.26 a barrel, according to data compiled by Bloomberg. Fuel oil’s discount to the benchmark Middle East crude narrowed 36 percent to $5.18 a barrel, the biggest drop since Feb. 14. Utilities and factories may switch to alternatives to replace lost output from nuclear plants.