European Gasoline Barges Advance; ICE Gasoil Gains: Oil Products
Gasoline in Europe rose as Cargill Inc. and OAO Lukoil’s Litasco unit bought barges of the fuel. Gasoil gained for the third time in four days on the ICE Futures Europe exchange.
Gasoline in the Amsterdam-Rotterdam-Antwerp oil hub traded at $941 and $942 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board. 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. Barges typically comprise 1,000 tons to 2,000 tons.
Naphtha’s crack, or discount to Brent, widened to $3.33 a barrel from $3.15 in the previous session, which was the smallest since Jan. 31, PVM data showed.
Gasoil for January delivery rose 50 cents to $922.75 a ton on the ICE exchange as of 12:42 p.m. local time. February futures were 50 cents more expensive than the front month.
The fuel’s crack fell to $15.68 a barrel versus $15.80 at 4:30 p.m. yesterday. Brent rose 0.6 percent to $108.25 a barrel.
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.
The 50:50 venture between Rosneft and Saras is for the processing of crude and sale of refined products, Rosneft said today in a statement.
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