Total Buys French Diesel; Ingolstadt Out of Crude: Oil Products

Feb. 17 (Bloomberg) -- Total bought diesel for delivery into France for a third day and its fourth cargo in total. Vitol Group sold gasoil on the barge and cargo markets.

Petroplus Holdings AG’s Ingolstadt oil refinery stopped processing crude, according to the administrator for the company’s German operations.

Light Products

Gasoline barges for immediate loading in Amsterdam-Rotterdam-Antwerp rose to their highest price since September after purchases by Total SA and Cargill Inc.

The product traded from $1,055 to $1,068 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That’s the most since Sept. 8 and compares with yesterday’s deals at $1,049 to $1,056 a ton.

Chevron Corp., Statoil ASA, Morgan Stanley, Gunvor Group Ltd. and Noble Group sold Eurobob grade, to which ethanol is added to make finished motor fuel.

The front-month gasoline crack was unchanged at $7.25 a barrel, according to data from PVM Oil Associates Ltd., a London-based broker of crude and refined products.

Naphtha’s discount to Brent was little changed at $4.60 a barrel, PVM data show.

Middle Distillates

Total purchased its fourth diesel cargo in three days with Vitol selling 30,000 tons for delivery into Port La Nouvelle in south France, according to a similar survey of the Platts pricing window. The trade was done at $30 a ton more than March gasoil on the ICE Futures Europe exchange in London.

On diesel barges, BP Plc bought for a 13th day as premiums rose, the survey showed. Lots changed hands at $19 to $20 a ton more than March gasoil, compared with $18 yesterday.

Vitol sold a 10,000 ton cargo of gasoil to BP for delivery into the northern France port of Le Havre, the survey showed. The deal was at parity to the benchmark price.

On the gasoil barge market, Vitol was the main seller, offloading 10,000 tons to BP, Gunvor and Mercuria Energy Trading SA. The trades were done at from parity to $2 more than the March contract. That compares with trades at parity yesterday.

Barges of jet fuel were unchanged at $54 a ton above March gasoil with BP buying from Deutsche Lufthansa AG and Air France-KLM, the survey showed.

Gasoil for March fell $1.25 to $1,002.75 a ton on the ICE exchange at 5:10 p.m. London time. The April contract was down 50 cents at $1,000.25 a ton, narrowing the discount to March to $2.50 a ton, the smallest spread this week.

Gasoil’s crack, a measure of refining profitability, was at $15.03 a barrel, up from 82 cents from yesterday. Front-month Brent fell 0.7 percent to $119.29 a barrel on ICE.

Residues

High-sulfur fuel oil fell for a second day trades from $682 to $684.50 a ton, the survey of Platts showed. That compares with deals yesterday at $688 to $689.50 a ton. There were at least 39 trades, or 78,000 tons, with Gunvor and Total the main sellers and Vitol and Koch Industries Inc. the largest buyers.

Refineries

Petroplus’s Ingolstadt refinery has stopped processing crude oil as the site hasn’t received any supply of crude since the company filed for insolvency last month, Sebastian Brunner, a spokesman at Jaffe Rechtsanwaelte Insolvenzverwalter, said today by mobile phone.

Cia. Espanola de Petroleos SA, Spain’s second-largest refiner, plans to halt processing units for maintenance at three of its facilities this year. Gibraltar, Tenerife and Huelva are the refineries affected, Cepsa said in an e-mailed statement.

To contact the reporter on this story: Rupert Rowling in London at rrowling@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net