Gasoil futures dropped on the ICE Futures Europe exchange in London, extending yesterday’s plunge after the International Energy Agency’s decision to release oil stockpiles. Gasoline for immediate loading fell for a ninth day. Light Products Gasoline for immediate delivery traded from $943 to $945 a metric ton, according to a Bloomberg survey of traders and brokers monitoring the Argus Bulletin Board. That’s less than yesterday’s lowest deal of $949 for Eurobob grade, to which ethanol is added before being sold to motorists. Those prices are for so-called barge deals, usually of 1,000 or 2,000 tons. Gasoline’s premium to Brent, or crack, rose to $6.62 a barrel, the most since June 7, according to PVM Oil Associates Ltd. data. Middle Distillates Gasoil for July delivery dropped $4.50, or 0.5 percent, to $884.50 a metric ton on ICE as of 12:03 p.m. local time. The contract closed down 4.1 percent yesterday, the biggest daily drop since May 5, after the IEA members’ decision to release strategic reserves. Germany will contribute both crude and products, according to the Economy Ministry. Residues Low-sulfur fuel oil’s premium to its more polluting equivalent fell yesterday to the lowest level this week. The premium to high-sulfur fuel oil dropped to $51 a ton yesterday from $56 on June 22, according to Bloomberg data. Low sulfur fuel oil is used to power ships and generate electricity, while high sulfur fuel oil is only used in shipping. To contact the reporter on this story: Rachel Graham in Belfast rgraham13@bloomberg.net To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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