Gasoline Falls as Total Sells; Europe Gasoil Rises: Oil Products
Gasoline barges in Europe weakened as Total SA sold two lots. The fuel’s premium to Brent crude, or crack, shrank after widening yesterday to the highest in more than two months.
Gasoil gained on the ICE Futures Europe exchange in London while Brent crude was little changed.
Gasoline in the Amsterdam-Rotterdam-Antwerp area traded at $960.50 and $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 and Morgan Stanley bought the Eurobob grade, to which ethanol is added to make finished fuel. Barges trade in lots of 1,000 and 2,000 tons.
The fuel’s crack widened to $6.08 a barrel as of 10:37 a.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.
Naphtha’s crack, or discount to the benchmark, was $3.58 a barrel, from $3.36 in the previous session, PVM data showed.
Gasoil for January delivery rose $4.25, or 0.5 percent, to $941.75 a ton as of 11:52 a.m. London time on the ICE exchange.
Front-month futures traded at parity to the February contract, unchanged from yesterday’s close.
Gasoil’s crack widened to $15.72 a barrel versus $15.64 as of 16:30 p.m. yesterday. Brent fell 13 cents to $110.67 on ICE.
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