Asia gasoil rises as crude climbs

Cents per barrel, the discount on jet fuel cargoes doubled to this much. (REUTERS)

Asia gasoil rose as crude oil rebounded and the premium paid for ultra-low sulphur cargoes increased in Singapore, the region's biggest oil-trading centre.

Benchmark gasoil, or diesel, with 0.5 per cent sulphur climbed $1.10, or 1.2 per cent, to $95.25 a barrel, according to Bloomberg. Jet fuel gained $1.15, or 1.2 per cent, to $95.10 a barrel. Each product rose the most since April 6.

In Singapore, Vitol Group sold 150,000 barrels of gasoil with sulphur content of 10 parts per million to BP at $1.10 a barrel over April quotes, traders said. That's a bigger premium than 90 cents in the most recent transaction for that grade April 6. The discount on jet fuel cargoes doubled to 40 cents a barrel to benchmark quotes after Glencore International bought from Mabanaft and BP sold to Chevron, traders said.

ConocoPhillips failed to charter the Ioannis I to load 40,000 metric tonnes of gasoil from South Korea on April 20 with a delivery option to Chile, shipbrokers Clarkson Asia and Millennium Chartering said in reports yesterday. The proposed freight rate was $1.5 million (Dh5.5m), or more than $5 a barrel.

Separately, 90,000 tonnes of South Korean gasoil was to be loaded on the Sapporo Princess for delivery to the UK, Clarkson said. The charterer's identity wasn't disclosed.

 

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