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Europe Naphtha Falls; Jet Fuel Rises as Vitol Buys: Oil Products

European naphtha declined as Morgan Stanley sold two cargoes even as Vitol Group extended its purchases for the fortnight to about 28 lots. Jet fuel gained as Vitol bought two shipments.

Gasoline barges weakened as Total SA sold five lots. Gasoil was little changed on the ICE Futures Europe exchange in London while Brent crude decreased.

Light Products

Naphtha traded from $947 to $949 a metric ton, down from $960 to $966 yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window.

Vitol bought six cargoes today. Trafigura Beheer BV, BP Plc, Statoil ASA and Total also sold.

Naphtha’s crack, or discount to Brent, was $4.28 a barrel, from $3.36 in the previous session, PVM data showed. It was the widest since Dec. 14.

Gasoline in the Amsterdam-Rotterdam-Antwerp area traded at $953 to $961 a metric ton today, according to a Bloomberg survey of traders and brokers monitoring the Argus Bulletin Board. That compares with deals from $962 to $967 yesterday.

OAO Lukoil’s Litasco unit, Morgan Stanley, BP and Vitol bought 2,000 ton barges of the Eurobob grade, to which ethanol is added to make finished fuel.

Gasoline’s crack, or premium to Brent, narrowed to $5.85 a barrel as of 1:15 p.m. local time, according to data from PVM Oil Associates Ltd., a crude and products broker in London. It was $6.31 yesterday, the widest since Oct. 17.

Middle Distillates

BP and Morgan Stanley sold a total of three 30,000 ton jet fuel cargoes at $4 to $6 more than benchmark prices, the Platts survey showed. The consignments are for delivery to Le Havre, France and Rotterdam. Royal Dutch Shell Plc was the other buyer. A shipment traded yesterday at a $3 premium.

Gunvor Group Ltd sold a diesel cargo to Total for delivery to Le Havre at parity to benchmark prices.

In the diesel barge market, Gunvor bought two lots from BP at $19 more than January gasoil on ICE. That’s up from $17 to $18 yesterday and is the most since Dec. 7.

Gasoil barges strengthened to a discount of $2 a ton to the January futures compared with minus $3 yesterday.

January gasoil rose 50 cents, or 0.1 percent, to $938 a ton as of 5:26 p.m. London time on the ICE exchange.

Gasoil’s crack narrowed to $15.42 a barrel versus $15.64 as of 16:30 p.m. yesterday. Brent fell 31 cents to $110.49 on ICE.


High-sulfur fuel oil changed hands from $574.75 to $578 a ton, the survey of Platts showed. That compares with $577.75 to $582 a ton yesterday. The low-sulfur grade traded at $609 to $610 versus $607 in the previous session.

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