Asia Gasoil Profits Decline for First Day in 10: Oil Products
Profits for Asian refiners producing gasoil fell for the first day in 10 on signs that Chinese manufacturing has slowed its expansion, limiting demand for fuels. Fuel oil crack spreads widened.
Gasoil’s premium to Dubai crude slipped 21 cents, or 1 percent, to $20.13 a barrel at 2:16 p.m. Singapore time, data from London-based broker PVM Oil Associates Ltd. show. This snapped a streak of nine straight days of gains, the longest since Bloomberg began tracking the data in August 2006.
November swaps for gasoil fell $1.20, or 1 percent, to $124.45 a barrel, PVM data showed. Jet fuel’s premium to gasoil, or the regrade, rose to $2.45 a barrel, up 65 cents.
Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened 29 cents, or 8.9 percent, to $3.52 a barrel, PVM data showed.
High-sulfur fuel-oil swaps fell $7, or 1.1 percent, to $656.50 a metric ton, PVM data showed. The premium of 180- centistoke fuel oil to the 380-centistoke grade was unchanged at $8.25 a ton.
November swaps for naphtha, a petrochemicals and gasoline feedstock, fell $5.05, or 0.6 percent, to $874.70 a ton, PVM data showed. The swaps value was at a premium of $57.30 a ton to Brent oil, according to Bloomberg calculations. That’s up from $51.95 yesterday.
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