Hin Leong Trading Pte and Glencore International AG bought gasoil cargoes in Singapore at lower prices than yesterday. Refining profits for naphtha fell.
Middle Distillates
Hin Leong bought 150,000 barrels of gasoil with 0.5 percent sulfur from BP Plc at a discount of 25 cents to benchmark prices, according to a Bloomberg News survey of traders monitoring transactions on the Platts window today. The closely held Singapore trader bought 180,000 barrels from Royal Dutch Shell Plc at parity to spot prices. That compares with the premium of 10 cents that Hin Leong paid for 180,000 barrels yesterday.
Glencore bought 150,000 barrels of the same grade from ConocoPhillips at a discount of 35 cents to benchmark prices, and bought 175,000 barrels from Shell at a discount of 20 cents.
Gasoil’s crack spread compared with Dubai crude, a measure of profit for refiners from the fuel, rose 48 cents, or 2.8 percent, to $17.70 a barrel this week, according to data from PVM Oil Associates Ltd.
Light Distillates
Glencore sold 50,000 barrels of 92-RON gasoline to Arcadia Petroleum Ltd. at $126 a barrel. ConocoPhillips sold 50,000 barrels of 95-RON to PetroChina Co. at $127.40 a barrel.
Naphtha’s premium to London-traded Brent crude futures rose to $114.06 a ton at 5:45 p.m. Singapore time from $117.36 a ton at the end of trading in Asia on Sep. 2, based on data compiled by Bloomberg.
Shanghai Secco Petrochemical Co., a venture between BP and China Petroleum & Chemical Corp., shut China’s biggest naphtha cracker following a fire. The blaze yesterday evening was caused by a pipeline leak, Angela Qian, a public affairs manager at Shanghai Secco, said today.
Fuel Oil
Total SA bought 20,000 metric tons of 180-centistoke fuel oil from BP at a premium of $4.50 a ton over benchmark prices, the survey showed.
Fuel oil’s discount to Dubai crude narrowed by 43 cents, or 6.8 percent, to $5.96 a barrel at 7 p.m. Singapore time, according to PVM Oil. The smaller spread indicates refining losses from the fuel are smaller.
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
