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Asia Fuel Oil Losses Widen, Gasoil Crack Falls: Oil Products

Asia fuel oil’s discount to Dubai crude widened while profits from refining gasoil fell on speculation slowing global economic growth will curb industrial-fuel demand.

Fuel Oil

High-sulfur fuel-oil swaps gained $8.75, or 1.3 percent, to $677.25 a metric ton at 3:02 p.m. Singapore time, according to data from PVM Oil Associates Ltd, a London-based broker.

Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened by 29 cents to $3.20 a barrel. Yesterday, the spread was at $2.91, the least since Nov. 14.

The premium of 180-centistoke fuel oil to the 380-centistoke grade increased 25 cents to $13.50 a ton.

South Korea’s industrial output slipped in October from the previous month as export demand from Europe weakened, according to data from Statistics Korea today.

Middle Distillates

Gasoil’s premium to Dubai crude narrowed 6 cents, or 0.3 percent, to $18.26 a barrel, PVM data showed.

December swaps for gasoil rose $1.50, or 1.2 percent, to $125.65 a barrel. Jet fuel’s premium to gasoil, also known as the regrade, was at 70 cents a barrel from 75 cents yesterday.

Light Distillates

December swaps for naphtha, a petrochemicals and gasoline feedstock, gained $20.50, or 2.4 percent, to $890 a ton, according to PVM.

The swap value was at a premium of $57.31 a ton above Brent oil, down from $52.55 a ton at the end of Asian trading yesterday, according to data compiled by Bloomberg.

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