Sept. 6 (Bloomberg) -- Premiums for fuel oil in Singapore fell relative to spot prices after PetroChina Co. sold cargoes. Brightoil Petroleum Holdings sold gasoil to Singapore Petroleum Co. and Glencore International AG.
Fuel Oil
Glencore International Plc and Total SA each bought 20,000 metric tons of 180-centistoke fuel oil from PetroChina at a premium of $3.50 a ton over benchmark prices, according to a Bloomberg News survey of traders monitoring transactions on the Platts window today. That was 50 cents lower than what buyers paid yesterday.
Hin Leong Trading Pte bought 20,000 tons of 380-centistoke fuel oil from the Chinese refiner at a premium of $3 a ton over benchmark prices. That was lower than premiums of $4 to $4.25 a ton paid for cargoes yesterday.
Fuel oil's discount to Dubai crude narrowed 63 cents, or 8.7 percent, to $6.68 a barrel at 2:29 p.m. Singapore time, according to PVM Oil Associates Ltd., a broker. The spread narrowed for the first time in nine trading sessions, ending the longest period of declining margins since September 2009.
Middle Distillates
Brightoil sold 150,000 barrels of gasoil with 0.5 percent sulfur to Singapore Petroleum at a discount of 25 cents a barrel below benchmark prices, and sold 250,000 barrels to Glencore at a discount of 10 cents a barrel.
BP Plc sold 150,000 barrels of gasoil with 0.5 percent sulfur at a discount of 20 cents a barrel to benchmark prices published by Platts in the remaining days of September. The European refiner bought 250,000 barrels of gasoil with 10-parts- per-million of sulfur from Singapore Petroleum at a premium of $2.90 a barrel over prices of gasoil with 0.5 percent sulfur.
Gasoil's crack spread over Dubai crude, a measure of processing profit, fell 10 cents to $17.95 a barrel at 2:29 p.m. Singapore time, according to data from PVM.
Light Distillates
Royal Dutch Shell Plc, the biggest buyer of 97-RON gasoline on the window last month, purchased 50,000 barrels from BP at $129.70 a barrel.
Naphtha's premium to London-traded Brent crude futures fell to $111.33 a ton at 6 p.m. Singapore time from $122.89 a ton at the end of trading in Asia yesterday, based on data compiled by Bloomberg.