The discount for gasoil cargoes in Asia fell relative to benchmark prices. Gasoline prices declined after BP Plc and ConocoPhillips bought cargoes in Singapore.
Middle Distillates
Brightoil Petroleum Holdings bought two cargoes, each containing 150,000 barrels of gasoil with 0.5 percent sulfur from JPMorgan Chase & Co, according to a Bloomberg News survey of traders monitoring transactions on the Platts window today. Brightoil paid a discount of 15 cents to benchmark prices for one cargo and a discount of 5 cents for the other.
Glencore International AG bought two cargoes of gasoil with 0.5 percent sulfur at a discount of 10 cents to spot prices. Brightoil sold one cargo while Royal Dutch Shell sold the other. Glencore also bought a third gasoil cargo from ConocoPhillips at a discount of 15 cents.
BP Plc sold 250,000 barrels of gasoil with 0.5 percent sulfur to Hin Leong Trading Pte at benchmark prices published by Platts. Shell also sold 150,000 barrels of the same grade to JPMorgan at parity to spot prices.
ConocoPhillips sold 150,000 barrels of gasoil with 500- parts-per-million of sulfur at a premium of $1.90 a barrel above prices of gasoil with 0.5 percent sulfur. The buyer was Glencore.
Today’s discounts are smaller than the those of 35 cents to parity paid for cargoes on Sept. 9.
Gasoil’s crack spread compared with Dubai crude, a measure of profit for refiners from the fuel, fell 7 cents, or 0.4 percent, to $17.63 a barrel at 2:16 p.m. Singapore time, according to data from PVM Oil Associates Ltd.
Light Distillates
Arcadia Petroleum Ltd. bought two cargoes, each containing 50,000 barrels of 97-RON gasoline, from BP at $125.90 and $125.80 a barrel, the survey showed.
ConocoPhillips sold 50,000 barrels of 95-RON to Shell at $123.20 a barrel. The U.S. refiner sold a similar cargo last week at $127.40 a barrel.
Naphtha’s premium to London-traded Brent crude futures fell to $108.19 a ton at 6 p.m. Singapore time from $114.06 a ton at the end of trading in Asia on Sep. 9, based on data compiled by Bloomberg.
Fuel Oil
Fuel oil’s discount to Dubai crude narrowed by 12 cents, or 2 percent, to $5.85 a barrel at 2:16 p.m. Singapore time, according to PVM Oil.
To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
