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Asia Naphtha Crack Gains; Glencore Sells Gasoil: Oil Products

Asia’s naphtha crack spread rose, signaling increased processing profit for refiners. Glencore International AG sold gasoil in Singapore, the region’s largest oil-trading center.

Light Distillates

Naphtha’s premium to London-traded Brent crude futures rose to $115.31 a metric ton at 5:45 p.m. Singapore time from $98.30 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg. This crack spread is a measure of refining profit.

BP Plc sold two 50,000-barrel cargoes of 92-RON gasoline in Singapore, according to a Bloomberg News survey of traders monitoring transactions on the Platts window. Vitol Group bought at $116.60 a barrel and PetroChina Co. paid $116.80 a barrel.

Middle Distillates

Glencore sold 150,000 barrels of 0.5 percent sulfur gasoil, or diesel, to BP at 30 cents a barrel below quotes for August, according to the Bloomberg News survey. The world’s biggest commodities trader was the largest gasoil buyer in Singapore last month, purchasing at least 4 million barrels.

Gasoil’s premium to Asian benchmark Dubai crude dropped 12 cents to $18.62 a barrel at 2:15 p.m. Singapore time, according to PVM Oil Associates Ltd., a broker. This crack spread is the narrowest this month.

Jet fuel’s premium to gasoil advanced 20 cents to $2.10 a barrel, the highest since Feb. 28, PVM said. A rising regrade shows it is more profitable to produce aviation fuel over diesel.

Fuel Oil

Fuel oil’s discount to Dubai crude narrowed 19 cents to $4.82 a barrel at 2:15 p.m. Singapore time, according to PVM. The difference was $4.39 on Aug. 8, the smallest loss from turning oil into residual products in almost a year.

The premium of 180-centistoke fuel oil to 380-centistoke was unchanged after dropping to $7.50 a ton yesterday, PVM said. This viscosity spread was the narrowest since Sept. 29, meaning bunker, or marine fuel, has gained more than higher-quality fuel oil.

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