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European Naphtha Gains as Vitol Buys; Diesel Rises: Oil Products

Sept. 6 (Bloomberg) -- European naphtha gained as Vitol Group bought cargoes for a fourth day.

Diesel cargoes climbed relative to October gasoil on the ICE Futures Europe exchange in London. Barges premiums rose for a third day.

Light Products

Naphtha changed hands from $995 to $999 a metric ton, according to a survey of traders and brokers monitoring the Platts pricing window. That compares with $982 to $984 yesterday. Vitol bought all four cargoes, bringing its total to 16 this month. Koch Industries Inc., Glencore International Plc and BASF SE sold.

Naphtha’s discount to Brent crude narrowed to $4.53 a barrel from $4.74 yesterday, according to data from PVM Oil Associates Ltd., a broker in London.

Gasoline for immediate loading in Amsterdam-Rotterdam-Antwerp traded at $1,143 and $1,156 a ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board and Platts. That compares with yesterday’s deals from $1,131 to $1,138 a ton and is the most since April 16.

The prices are for Eurobob grade to which ethanol is added to make finished fuel. Barge deals are typically for lots of 1,000 tons or 2,000 tons.

Gasoline’s premium to Brent rose to $11.98 a barrel as of 4:55 p.m. local time, PVM data show. That compares with $10.98 yesterday and is at the highest level this week.

Middle Distillates

Total SA bought two cargoes of ultra-low-sulfur diesel from Neste Oil Oyj and Royal Dutch Shell Plc at premiums of $48 a ton and $51 to October gasoil on the ICE exchange, according to the survey of Platts. That’s up from $45 on Sept. 3.

Vitol sold a cargo of jet fuel to Total at a $2 a ton premium to benchmark prices, unchanged from yesterday.

Barges of diesel traded at $37 a ton more than September gasoil versus $35 the previous session, the survey showed. Morgan Stanley bought from North Sea Group.

Shell bought heating oil for a fourth session, purchasing barges from North Sea Group and Vitol at discounts of $2 to $2.50 versus September gasoil, little changed from yesterday.

Gasoil for September delivery was up $9.75, or 1 percent, at $991.25 a ton as of 5:10 p.m. in London. The more actively traded October contract was at $992 a ton.

Gasoil’s crack, a measure of refining profitability rose to $18.30 a barrel at 4:30 p.m. from $18.12 yesterday. Brent gained 1.5 percent to $114.83 a barrel.

Residues

High-sulfur fuel oil traded from $651.75 to $654.50 a ton, the Platts survey showed. That compares with $646.50 to $647.25 yesterday. The low-sulfur grade changed hands at $718, versus $711 on Sept. 3.

Refineries

Mineraloelraffinerie Oberrhein GmbH, also known as Miro, halted a desulfurization unit at its Karlsruhe refinery in Germany following a fire.

The blaze occurred at 1 a.m. local time today and resulted in flaring, or the release of gases, the company said in a statement posted on its website. The refinery can process 310,000 barrels of crude a day, according to data compiled by Bloomberg.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net Lananh Nguyen in London at lnguyen35@bloomberg.net

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

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