Total Sells Europe Gasoline; Milazzo Naphtha Sold: Oil Products
Total SA sold gasoline for immediate loading in northwest Europe for a fourth day. The fuel’s premium to Brent, its crack, rose for the first time in four days.
Kuwait Petroleum International Ltd., a unit of Kuwait Petroleum Corp., sold two cargoes of naphtha from its Milazzo refinery on the Italian island of Sicily for loading this month, a company official said.
Gasoline (MOGEEURB) barges for immediate loading in Amsterdam- Rotterdam-Antwerp traded at $1,098 and $1,100 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board. That’s within the range of yesterday’s trades from $1,082 to $1,100.
Total, Chevron Corp. and Vitol Group were the sellers of the Eurobob grade, to which ethanol is added to make finished fuel. Trafigura Beheer BV was the largest buyer.
The front-month gasoline crack advanced to $10.77 a barrel, according to data from PVM Oil Associates Ltd., a London-based crude and fuel broker. That’s up from $10.34 yesterday and $7.40 a year ago, the data show.
KPI sold one naphtha cargo for loading March 2 to March 4 and the other for March 18 to March 20, the official said, declining to be identified citing company policy. Each shipment is for 27,000 tons.
Naphtha’s crack, or discount to Brent, narrowed for a second day to $5.14 a barrel, PVM data showed. That compares with $5.37 yesterday.
March gasoil advanced 50 cents, or 0.1 percent, to $1,005.50 a ton on the ICE Futures Europe exchange as of 1:21 p.m. London time.
The April gasoil crack dropped 5 percent to $12.82 a barrel on ICE. Front-month Brent rose 0.6 percent to $122.73 a barrel on the London exchange.
The spread between high-sulfur fuel oil and its lower sulfur equivalent was close to an eight-month high yesterday, according to data compiled by Bloomberg.
Low-sulfur barges traded at $52.50 a ton more than high- sulfur lots, close to the Feb. 29 high of $53.50. That was the most since July 6.
Tamoil SA halted its Collombey refinery in Switzerland on March 2 because of a technical fault, according to the Romandie news service.
The plant is scheduled to start at the end of the week, Romandie said late yesterday on its website, citing the company. The refinery can process about 50,000 barrels a day.
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