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Shell Buys U.K. Jet Fuel; Vitol Sells Diesel Cargo: Oil Products

Royal Dutch Shell Plc bought a cargo of jet fuel and Vitol Group sold a shipment of diesel, both for delivery to the U.K.

Gunvor Group Ltd. sold a shipment of heating oil for delivery to Greece. Chevron Corp. bought a cargo of naphtha, as prices sank to the lowest in more than 20 months.

Light Products

Gasoline barges for immediate loading in Amsterdam-Rotterdam-Antwerp traded from $921 to $926 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with yesterday’s deals from $910 to $917, the lowest since Dec. 21, data compiled by Bloomberg show.

OAO Lukoil’s Litasco sold the Eurobob grade, to which ethanol is added to make finished fuel, for a fourth day. Royal Dutch Shell Plc bought for a third day on the barge market where lots are typically of 1,000 tons or 2,000 tons.

Gasoline’s premium to Brent was little changed at $10.91 a barrel as of 2 p.m. local time, according to data from PVM Oil Associates Ltd., a broker in London.

Vitol bought the 12,500-ton cargo of naphtha at $728 a ton, a similar survey of the Platts pricing window showed. That compares with a June 1 deal at $747 and is the lowest price since Sept. 30, 2010, according to data compiled by Bloomberg.

Naphtha’s crack, or discount to Brent, widened to $15.71 a barrel, from $15.19 yesterday, PVM data show. That’s the most since Dec. 17, 2008.

“Activity in the naphtha market remains subdued and shows no signs of recovery,” Vienna-based JBC Energy GmbH said in an e-mailed report today. “In Europe, petrochemical requirements remain poor on the back of weaker manufacturing and industrial activity, while cheaper alternative feedstock prices such as propane and butane have also weighed on naphtha demand.”

Middle Distillates

Morgan Stanley sold 30,000 tons of jet fuel for delivery to Shell Haven, southeast England, the survey of Platts showed. The deal was partly priced at a $4 premium to benchmark prices and compares with a June 8 trade at a $1 discount.

On the barge market, Morgan Stanley and Shell bought lots at premiums from $58 to $60 to July gasoil on the ICE Futures Europe exchange in London, the Platts survey showed. That’s lower than yesterday’s deals at $59 and $63.

BP Plc bought 20,000 tons of diesel on the cargo market for delivery to Thames, England, the survey showed. The deal was at $2 more than benchmark prices and compares with a June 11 trade at a $20 premium to June gasoil.

On the barge market, about 26,600 tons of diesel changed hands as premiums rose, the survey showed. Vitol and Morgan Stanley were the largest buyers for a second day at premiums from $23 to $25 to July gasoil, up from $19 to $24 yesterday.

Vitol purchased a shipment of up to 30,000 tons of gasoil for delivery to Elefsis in Greece, the Platts survey showed. The deal was carried out at a $4 discount to benchmark prices and was the first trade this month, Bloomberg data show.

Litasco sold two barges of heating oil at a premium of $6 a ton to July gasoil, according to the Platts survey. That compares with deals yesterday at an $8 premium.

Gasoil for July delivery fell 1 percent to $842.50 on the ICE exchange in London as of 5:28 p.m. The August contract was at $838.75 a ton, $3.75 less than front-month futures.

Gasoil’s crack, a measure of refining profitability, fell to $15.93 a barrel. Brent was little changed at $97.10 a barrel.


High-sulfur fuel oil traded from $573 to $578 a ton, the survey of Platts showed. That compares with $571 to $575.50 in the previous session.

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