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Europe Gasoil at Two-Year High; Koch Buys Naphtha: Oil Products

Dec. 7 (Bloomberg) -- Gasoil advanced to the highest price in more than two years on London’s ICE Futures Europe exchange. The fuel’s crack, or premium to Brent crude, widened.

Koch Industries Inc. bought a cargo of naphtha from Glencore International AG. Vitol Group bought jet-fuel barges from Morgan Stanley for a second day.

Light Products

Koch purchased a 12,500-ton cargo of naphtha at $835 a metric ton, priced for delivery to Rotterdam from Dec. 18 to Dec. 22, according to a survey of traders and brokers monitoring the Platts pricing window which ends at 4:30 p.m. in London. Naphtha is used in gasoline and petrochemical production.

Gasoline barges for immediate loading in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, traded from $826 to $832 a ton, according to a Bloomberg survey of traders and brokers monitoring the Argus Bulletin Board and Platts. That’s below yesterday’s trading range from $833 to $843.

The trades are for Eurobob grade to which ethanol is added to make finished motor fuel.

Premium unleaded gasoline changed hands from $839 to $851 a ton, according to the survey of Platts. That compares with deals yesterday from $841 to $848.

Middle Distillates

Gasoil for January delivery advanced for a fifth day to $771.75 a ton as of 4:34 p.m. London time on the ICE exchange. That’s the highest price since Oct. 9, 2008. Gasoil for December was at $764.50 a ton.

The January gasoil crack, or premium to Brent crude, widened for a fourth day to $12.28 a barrel from $12.11 a barrel yesterday. Brent for January settlement traded at $91.26 a barrel on the ICE exchange after rising as much as 1.5 percent to $92.86.

Gasoil barges traded at discounts of $4.50 to $5.25 a ton to December ICE gasoil, the Platts survey showed. That compares with trades yesterday at $5.50 to $6.50 below the gasoil contract.

Ultra-low-sulfur diesel barges traded at premiums of $24 and $26 a ton to December ICE gasoil, according to the Platts survey. That’s in line with yesterday’s trades.

Vitol bought 4,000 tons of jet fuel in two separate deals at a premium of $63 a ton to December ICE gasoil, the survey showed. That’s in line with yesterday’s trade.

Residues

High-sulfur fuel oil’s discount to Brent fell for a fifth day to $17.10 a barrel, the lowest level since Jan. 5 last year. High-sulfur fuel oil is used as a shipping fuel and in power generation in some countries.

To contact the reporters on this story: Rachel Graham at rgraham13@bloomberg.net 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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