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European Diesel Rises; Gunvor Sells Naphtha Lots: Oil Products

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Nov. 15 (Bloomberg) -- European diesel rose to the highest level this week as Vitol Group bought on the barge market. Fuel oil also advanced.

Gunvor Group Ltd. sold two naphtha cargoes as four lots were traded. Gasoil’s crack, or premium to Brent crude, plunged more than $1 a barrel.

Light Products

Gasoline for loading in the Amsterdam-Rotterdam-Antwerp hub traded at $965 and $967 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That compares with barge deals from $951 to $963 yesterday.

Royal Dutch Shell Plc and Gunvor bought the Eurobob grade, to which ethanol is added to make finished fuel, according to the survey. Barges typically trade in lots of 1,000 tons or 2,000 tons.

The fuel’s crack shrank 6 cents to $4.33 a barrel as of 1:37 p.m. local time, according to data from PVM Oil Associates Ltd., a crude and products broker in London.

Naphtha’s discount to Brent widened 7 cents to $4.55 a barrel, PVM data showed.

Naphtha cargoes changed hands at $929 to $931 a ton, according to a similar survey of the Platts pricing window which ends at 4:30 p.m. London time. That’s in line with yesterday. Vitol Group purchased three consignments, the survey showed. Glencore International AG and Shell also sold.

Middle Distillates

Diesel barges changed hands at premiums of $43 and $47 a ton to December gasoil, the survey of Platts showed. That compares with deals yesterday at $26 to $41.

France’s diesel demand rose 6.4 percent in October from a year earlier, the Union Francaise des Industries Petrolieres, an industry group based in Paris, said today.

Gasoil for December delivery dropped 0.2 percent to $926.75 a ton on ICE as of 4:51 p.m. London time.

Gasoil’s crack plunged to $14.21 a barrel versus $15.38 at 4:30 p.m. yesterday. Brent added 0.9 percent to $110.54 a barrel on ICE.

Residues

High-sulfur fuel oil traded at $589 to $592 a ton, the survey of Platts showed. That’s higher than yesterday’s deals at $587 to $589.

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

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

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