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Vitol Buys European Naphtha; Jet at One-Month High: Oil Products

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Dec. 18 (Bloomberg) -- Naphtha advanced to the highest level since October as Vitol Group bought its 18th cargo since the start of last week. Jet fuel barge premiums rose to the most in almost a month.

Gasoil climbed as much as 0.8 percent on the ICE Futures Europe exchange in London, following Brent crude.

Light Products

Naphtha traded at $957 a metric ton as Morgan Stanley sold a 12,500 ton shipment to Vitol, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That’s the most since Oct. 18 and compares with deal from $943 to $950 yesterday.

Naphtha’s crack, or discount to Brent, widened to $3.33 a barrel as of 2 p.m. London time, according to data from PVM Oil Associates Ltd., a crude and products broker. That compares with $3.15 the previous session, which was the smallest since Jan. 31, PVM data showed.

Gasoline in the Amsterdam-Rotterdam-Antwerp oil hub traded at $941 and $945 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board and Platts. That compares with deals at $941 yesterday.

Chevron Corp. and Gunvor Group Ltd. sold the Eurobob grade, to which ethanol is added to make finished fuel. Trafigura Beheer BV, OAO Lukoil’s Litasco unit and Cargill Inc. bought barges, which are typically sold in lots of 1,000 tons to 2,000 tons.

The fuel’s crack, or premium to Brent, was unchanged at $4.96 a barrel.

Middle Distillates

Diesel barges traded at $17 more than January gasoil on ICE, the Platts survey showed. That compares with deals at plus $16 and $17 yesterday. BP Plc sold to Royal Dutch Shell Plc and Vitol.

Morgan Stanley bought two barges of jet fuel from Vitol at premiums of $86 a ton, the survey showed. That’s up from the last trade at $81 on Dec. 14 and is the highest since Nov. 20. data compiled by Bloomberg show.

Heating oil barges traded at discounts of $2 to $4 a ton to January gasoil, the survey of Platts showed. That’s a wider range than yesterday, when the product traded at minus $3. Litasco and Gunvor sold to Fritz Meyer AG, Statoil ASA and Glencore International Plc.

Gasoil for January delivery rose $6.75 cents to $929 a ton on the ICE exchange as of 5:06 p.m. local time. February futures were 50 cents more expensive than the front month.

The fuel’s crack was stable at $15.80 at 4:30 p.m. Brent rose 1.1 percent to $108.84 a barrel.

Residues

High-sulfur fuel oil changed hands from $573 to $578.50 a ton, the survey of Platts showed. That compares with $569.50 to $575 a ton yesterday. The low-sulfur grade traded at $610.25 to $611, versus $603 to $606 yesterday.

Bookings of fuel oil from Western countries to Asia next month rose 4 percent from a week earlier to 4.09 million metric tons, according to shipping data compiled by Bloomberg News.

About 1.9 million tons are scheduled to arrive in Asia from northwest Europe and the Mediterranean, according to data from shipbrokers including Poten & Partners Inc. Some fixtures are provisional and may be changed or canceled.

Refineries

OAO Rosneft, Russia’s biggest oil producer, agreed to form a joint venture with Saras SpA of Italy that will focus on the 300,000 barrel-a-day Sarroch refinery in Sardinia. The 50:50 venture is for the processing of crude and sale of refined products, Rosneft said today in a statement.

To contact the reporter on this story: 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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