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Asia Gasoil Refining Margins Rise; Naphtha Falls: Oil Products

Published: April 23, 2012 | 8:08 am
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Asia refining profits from gasoil rose for the fifth time in six days. Naphtha and fuel oil swaps declined, reducing producers’ margins from these fuels.

Middle Distillates

The premium of gasoil to Dubai crude, a benchmark price for Asia, rose 37 cents, or 2.2 percent, to $16.93 a barrel at 2:28 p.m. Singapore time, according to data from PVM Oil Associates Ltd., a broker. That would be the highest for the crack spread since Feb. 17.
Singapore gasoil swaps for May rose 30 cents to $132.20 a barrel. Jet fuel’s premium to gasoil rose to 50 cents from 45 cents on April 20. The regrade has doubled since the end of March, signaling it is more profitable for refiners to make aviation fuel over diesel.

Fuel Oil

High-sulfur fuel oil swaps for May fell $2.25, or 0.3 percent, to $719.50 a metric ton, PVM data showed.
Singapore fuel oil’s discount to Dubai crude, a measure of refining losses from the fuel, widened to $4.58 a barrel from $4.30 on April 20.
The premium of 180-centistoke fuel oil to 380-centistoke grade was unchanged at $9.75 a ton and has narrowed from $10.50 a week earlier.

Light Distillates

Naphtha swaps for May fell $4, or 0.4 percent, to $1,007 a ton.
Japan naphtha’s premium to London-traded Brent crude futures slid to $111.01 from $116.26 on April 20. The spread fell 10 percent last week, the biggest decline since March 9.

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