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European Naphtha Gains; Jet Fuel Premium Advances: Oil Products

Naphtha gained in northwest Europe as Gunvor Group Ltd. bought a cargo of the fuel.

Jet fuel’s premium rose relative to February gasoil on the ICE Futures Europe exchange. Inventories of the fuel held in independent storage at the Amsterdam-Rotterdam-Antwerp oil hub advanced to a two-month high, according to PJK International BV, a researcher in the Netherlands.

Light Products

Royal Dutch Shell Plc sold a 12,500 metric-ton cargo of naphtha to Gunvor at $906 a ton, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That’s the most since Jan. 10. A consignment changed hands at $902 yesterday.

Naphtha’s crack, or discount to Brent crude, narrowed 71 cents to $7.57 barrel as of 1:45 p.m. local time, according to data from PVM Oil Associates Ltd., a broker in London. That’s the narrowest in a week and compares with $8.27 yesterday.

Gasoline barges in northwest Europe changed hands at $965 to $972 a ton, according to a survey of the Argus Bulletin Board and Platts. That’s up from $964 yesterday.

Chevron Corp. and Total SA sold the Eurobob grade, to which ethanol is added to finished fuel. Trafigura Beheer BV and Cargill Inc. were buyers of barges, which typically comprise 1,000 to 2,000 tons. Gunvor was a buyer and seller.

Gasoline’s crack, or premium to Brent, was little changed at $6.78 a barrel, PVM data showed.

Middle Distillates

Air France-KLM sold a barge of jet fuel to BP Plc at a $70 a-ton premium to February gasoil on the ICE Futures Europe exchange, the survey of Platts showed. That compares with a trade at $69 yesterday.

Inventories of aviation fuel stored in ARA climbed 20 percent, or 55,000 tons, to 335,000 tons in the week to today, PJK data showed. That’s the most since Nov. 15.

Italy’s gasoil use dropped about 14 percent last month, the biggest decline since September, according to data from the Ministry of Economic Development. The country’s demand for heating oil and diesel combined dropped to 2.21 million tons in December from 2.55 million a year earlier, the data show.

Gasoil for February delivery was little changed at $954.50 a ton as of 5:07 p.m. on ICE. The contract’s backwardation, or premium to March shrank 50 cents to $7.25 a ton. This market structure can signal rising near-term demand or falling supply.

Gasoil’s crack fell to $16.73 a barrel versus $17.85 at 4:30 p.m. yesterday. Brent rose 0.7 percent to $110.44 a barrel.


High-sulfur fuel oil changed hands from $605.50 to $606.75 a ton, the survey of Platts showed. That compares with $603 to $604 in the previous session. The low-sulfur grade traded at $633 to $634 a ton, versus $633 yesterday.

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