SF: Total Sells Gasoline in Europe; ICE Gasoil Drops: Oil Products
July 1 (Bloomberg) -- Total SA, Europe's largest refiner, sold gasoline barges in northwest Europe. The fuel's crack, or premium to Brent crude, expanded for a fourth day to the most in a month. Gasoil for July delivery on London's ICE Futures Europe exchange declined as Brent costs fell. The fuel's crack, a measure of refining profitability, narrowed.
Light Products
Gasoline barges for immediate loading in Amsterdam- Rotterdam-Antwerp traded from $988 to $999 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board. That compares with yesterday's deals at $988 to $997.
Vitol Group and BP Plc were among the buyers of the 4,000 tons that changed hands. The trades are for Eurobob grade, to which ethanol is added to make finished automotive fuel, and are typically for lots of 1,000 tons or 2,000 tons.
Gasoline's crack widened to $7.45 a barrel from $7.25 yesterday, according to PVM Oil Associates Ltd., an oil and refined products broker in London. That's the biggest premium since June 1.
Naphtha's discount to Brent narrowed 4 cents to $8 a barrel, according to PVM data.
Middle Distillates
Gasoil for July decreased 0.9 percent to $918 a ton as of 12:06 p.m. London time on the ICE exchange. Brent for August delivery dropped 1.2 percent to $111.18 a barrel.
Gasoil's crack shrank to $12.41 a barrel from $12.49 at 4:30 p.m. London time yesterday, ICE data shows.
Refinery News
Repsol YPF SA's Petronor refinery said it's beginning to restart some units, according to a statement on the plant's website. Various units were stopped earlier because of "operating causes," Petronor said, without providing further details. The 220,000-barrel-a-day refinery is located near Bilbao in northern Spain.