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Asia Gasoil Profit Shrinks; Fuel-Oil Swaps Rebound: Oil Products

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Aug. 21 (Bloomberg) -- Asia’s gasoil crack spread shrank for the first time in five days, signaling reduced profit for refiners making the distillate fuel. Fuel-oil swaps rose for the ninth time in 10 days.

Middle Distillates

The premium of gasoil, or diesel, to Asian marker Dubai crude fell 75 cents from Aug. 17 to $19.05 a barrel at 12 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. This crack spread measures processing profit.

Gasoil swaps for September dropped 75 cents, or 0.6 percent, to $129.55 a barrel, PVM said. Prices were down for a second day. Jet fuel’s premium to gasoil rose 15 cents to 80 cents. A wider regrade indicates it’s more profitable to produce aviation fuel than diesel.

Fuel Oil

High-sulfur fuel oil climbed 35 cents to $3.10 a barrel below Dubai crude, according to PVM. The discount narrowed for the fourth time in five days, showing reduced losses for refiners turning crude into residual products.

Fuel-oil swaps for September rebounded $2.25, or 0.3 percent, to $682 a metric ton, PVM data showed. The premium of 180-centistoke fuel oil to 380-centistoke grade, or the viscosity spread, was unchanged after decreasing last week to $12.50. This means bunker, or marine fuel, moved in tandem with higher-quality supplies used in power stations.

Light Distillates

Naphtha swaps for September increased $1.50, or 0.2 percent, at $952.50 a ton, according to PVM. The petrochemical and gasoline feedstock was up for the third time in four days.

Naphtha’s premium to London-traded Brent crude futures was little changed after rising to $94.38 a ton, the highest since early May, according to data compiled by Bloomberg. Gasoline’s premium to naphtha on Aug. 17 lost 81 cents to $22.47 a barrel, data compiled by Bloomberg showed. A narrowing reforming margin signals it is less profitable to make motor fuel.

To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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