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European Diesel Barges Rise; Vitol Buys Naphtha: Oil Products

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Dec. 14 (Bloomberg) -- Diesel rose in northwest Europe as Mercuria Energy Trading SA bought on the barge market. Jet fuel also gained.

Vitol Group purchased a naphtha cargo, bringing its total for this week to 14 while Total SA bought a diesel lot.

Light Products

Royal Dutch Shell Plc sold the naphtha consignment at $927 a metric ton, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares with $926 to $929 yesterday.

Naphtha’s discount to Brent narrowed to $4.82 a barrel from $5.02 in the previous session, according to PVM Oil Associates Ltd., a crude and products broker in London.

Gasoline in the Amsterdam-Rotterdam-Antwerp hub traded at $933 to $935 a ton, according to a similar survey of the Argus Bulletin Board. That’s the least since Nov. 5 and compares with trades from $937 to $945 a ton yesterday.

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

The fuel’s crack, or premium to Brent, rose 5 cents to $4.66 a barrel as of 1:44 p.m. local time, PVM data showed.

Middle Distillates

Total purchased the diesel cargo from OAO Lukoil’s trading unit at a premium of $25 a ton to January gasoil for delivery to Le Havre in northern France, the survey of Platts showed. That compares with a deal on Dec. 12 at $29.

BP Plc bought a diesel shipment at a discount of $1.75 to the high end of Mediterranean benchmark prices, the survey showed.

Diesel barges changed hands at a premium of $18 a ton to January gasoil, it showed. That’s $2 more than yesterday.

Morgan Stanley bought the jet fuel barge from BP at a premium of $81 a ton to January gasoil, it showed. That’s $2 higher than yesterday.

Gasoil for January delivery advanced $3.25, or 0.4 percent, to $923.75 a ton on the ICE exchange as of 5:17 p.m. local time. The February contract traded at parity to front-month futures.

Gasoil’s crack increased to $14.70 a barrel versus $14.65 at 4:30 p.m. yesterday. Brent rose 1.2 percent $109.16 a barrel.

Residues

High-sulfur fuel oil changed hands at $568 to $573 a ton, the survey showed. That compares with yesterday’s trades at $566.50 to $572. The low-sulfur grade traded at $600 a ton, $7 lower than yesterday.

Refineries

OAO Gazprom idled crude unit AT-VB at its Moscow refinery on Dec. 8 until the end of the month, according to data from the Russian Energy Ministry’s CDU-TEK.

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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