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Asia Naphtha Crack Widens; Hin Leong Sells Gasoil: Oil Products

Asia’s naphtha crack spread extended gains, signaling increased profit for refiners making the petrochemical feedstock. Hin Leong Trading Pte sold gasoil cargoes in Singapore, the region’s largest oil-trading center.

Light Distillates

Naphtha’s premium to London-traded Brent crude futures rose $2.92 to $124.35 a metric ton at 5:15 p.m. Singapore time, according to data compiled by Bloomberg. This crack spread gained for a third day to the widest in a week.

Royal Dutch Shell Plc bought 25,000 tons of open-specification naphtha for first-half June delivery from Mabanaft GmbH at $1,059 a ton, according to a Bloomberg survey of traders who monitored transactions on the Platts window.

Gracewood International Ltd. sold 50,000 barrels of 92-RON gasoline to Total SA at $135 a barrel, the survey showed. The cargo is for loading from April 17 to April 21.

Middle Distillates

Hin Leong sold 210,000 barrels of gasoil, or diesel, with 0.5 percent sulfur to a unit of JPMorgan Chase & Co. for April 12 to April 16 loading, according to the Bloomberg survey. The cargo changed hands at 10 cents a barrel below April 11 to April 17 prices.

Hin Leong also sold 250,000 barrels with 0.25 percent sulfur to China International United Petroleum & Chemical Co., or Unipec, the survey showed. The shipment traded at a $1-a-barrel premium to quotes for April 16 to April 20.

Gasoil’s premium to Asian marker Dubai crude gained 6 cents to $14.99 a barrel at 2:26 p.m. Singapore time, according to PVM Oil Associates Ltd., a broker. The difference, also known as the crack spread, widened for a second day.

Jet fuel’s premium to gasoil was up 10 cents at 25 cents a barrel, PVM said. This regrade climbed for the first time in four days, indicating it is more profitable to make aviation fuel.

China Aviation Oil Singapore Corp. purchased 100,000 barrels of jet fuel from Shell at 20 cents a barrel below benchmark quotes, the Bloomberg survey showed. The cargo will load April 12 to April 16.

Fuel Oil

Fuel oil dropped 14 cents to $6.96 a barrel below Dubai crude at 2:26 p.m. Singapore time, according to PVM. That’s the biggest discount in a week, signaling losses for refiners turning oil into residual products.

The premium of 180-centistoke fuel oil to 380-centistoke grade was down 50 cents at $11.50 a ton, PVM said. This viscosity spread narrowed for the first day in four, meaning bunker, or marine fuel, advanced more than higher-quality fuel oil.

Refinery News

Formosa Petrochemical Corp. in Taiwan plans to start a residual desulfurization unit in early April that was damaged in a July 2010 fire. The company is waiting for the Yunlin county government’s approval to resume operations at the refinery unit, said Chairman Chen Bao-lang.

Japan’s Toa Oil Co. will shut the Mizue crude distillation unit and boiler at its Keihin plant on April 2 for repairs, Rim Intelligence reported on its website.


PetroChina Co. bought two 35,000-ton cargoes of naphtha from Bharat Petroleum Corp. for April to May loading, according to two traders who declined to be identified because they aren’t authorized to speak with the media. The transactions were at premiums of $41 a ton and $44 a ton to Middle East prices.

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