Gasoil Refining Profit Falls a Fourth Day in Asia: Oil Products
Asia’s gasoil crack spread fell for a fourth day, indicating a declining profit from turning crude into the middle distillate. Fuel oil’s premium rose.
Singapore gasoil swaps for July rose $1.05 to $107.30 a barrel at 10 a.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. The premium of gasoil to Dubai crude, known as the crack spread, declined for a fourth day by 57 cents, or 3.4 percent, to $16.40 today.
Jet fuel traded at a premium of 95 cents a barrel to gasoil. This spread, known as the regrade, was unchanged from yesterday.
Singapore fuel oil’s premium to Dubai crude, a measure of refining profits for the fuel, increased 15 cents to 91 cents a barrel, PVM data showed.
High-sulfur fuel-oil swaps for July gained for a second day, rising $11.25, or 2 percent, to $583 a ton.
Naphtha swaps for July rose for a third day by $23.75, or 3.3 percent, to $746.50 a metric ton, the highest since June 18, PVM data showed.
Japan naphtha’s premium to London-traded Brent crude futures rose $24.65 to $46.59 a ton as of 11:22 a.m., according to data compiled by Bloomberg. This shows increasing refining profit from the petrochemical and gasoline feedstock.
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