Asia Gasoil Refining Profits Rise; Naphtha Falls: Oil Products
Asia refining profits from gasoil gained for a seventh day, the longest rising streak in more than a year. Naphtha prices fell to the lowest in three weeks.
Gasoil’s premium to Dubai crude increased 63 cents to $19.30 a barrel at 10:25 a.m. Singapore time, according to data from PVM Oil Associates Ltd, a London-based broker. The spread, a measure of the profit from producing the fuel, widened for the longest stretch since the eight days ended April 7, 2010.
November swaps for gasoil fell 32 cents, or 0.3 percent, to $125.10 a barrel, PVM data showed. Jet fuel’s premium to gasoil, or the regrade, was unchanged at $2.05 a barrel.
There was no oil trading on the Platts pricing system in Singapore yesterday because of a public holiday.
Front-month heating oil futures gained 2.48 cents, or 0.8 percent, to $3.0406 a gallon on the New York Mercantile Exchange at 10:37 a.m. Singapore time, snapping a two-day decline.
November swaps for naphtha, a petrochemicals and gasoline feedstock, fell $9.25, or 1.1 percent, to $860.75 a ton, PVM data showed. Prices are at the lowest in three weeks.
Fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, shrank 22 cents, or 6.4 percent, to $3.22 a barrel, PVM data showed. The spread is at the narrowest in two weeks.
High-sulfur fuel-oil swaps fell $4.75, or 0.7 percent, to $666.75 a ton, PVM data showed. The premium of 180-centistoke fuel oil to the 380-centistoke grade was unchanged at $7.75 a ton.