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RTRS: Europe Products-Gasoline supported by W.Africa
 
LONDON, Nov 2 (Reuters) - European oil product prices were
mixed on Monday. Gasoline prices firmed as healthy demand from
West Africa offset the limited arbitrage opportunities to the
Untied States.
Differentials on middle distillates in the inland market
remained under pressure due to weak demand and constrained barge
activities due to the low Rhine water level.
Fuel oil fell to track the drop in crude oil prices late
last week while bunker demand from Northwest Europe and the
Mediterranean was seen as relatively healthy.

GASOLINE AND NAPHTHA
* Barges of 10ppm premium unleaded winter gasoline ticked up
to trade between $707 and $710 a tonne fob ARA from $700-$705 at
the market close on Friday.
* Volume was relatively thin, with about 9,000 tonnes
trading. Total bought bulk of them.
* The gain in the Eurograde gasoline prices were limited,
compared with crude oil and its crack to dated Brent BFO-
weakened to $9.10 a barrel from $9.60 on Friday, which was the
highest since early September.
* Brent crude LCOc1 futures traded down 59 cents to $77.45
a barrel by 1116 GMT, retreating after rising by around 2.5
percent in the previous session.
* Swaps showed the November trans-Atlantic arbitrage
remained shut. Losses that traders would make from shipping
gasoline to the United States steepened. Brokers said the
November arbitrage were around minus 80 cents a tonne, compared
with minus 50 cents on Friday.
* Still, limited support came from positive outlook for
December arbitrate. The December arbitrage swap remained
unchanged from Friday at a profit of $3.15 a tonne.
* Further support came from demand from Nigeria and Iran.
Traders said spot Nigerian demand would be healthy for November.
* Iran will import around 102,000 barrels per day (bpd) of
gasoline this month or about 12 cargoes, steady to volumes
purchased in October, traders said on Monday. [ID:nL2291249]
* November gasoline swaps were at $696.50 a tonne for the
balance of the month and the backwardation between the month and
December was $6.75 a tonne.
* Naphtha swaps were little changed. Cracks fell about 10
cents across the curve, traders said.

MIDDLE DISTILLATES
* Differentials on physical diesel and gas oil barges were
little changed from Friday.
* Barges of 10ppm diesel were bid at premiums of $9 a tonne
fob ARA to November gas oil and offered at $12/$13 premiums,
compared with Friday's deals at $10 premiums.
* Gas oil with 0.1 percent sulphur was offered at discounts
of $5 a tonne fob ARA to the benchmark without any bids. It
traded at $8/$9 discounts on Thursday.
* Low water levels on the Rhine river was likely to keep
differentials under pressure, traders said.
* Water levels on the Rhine and Danube have again fallen and
vessels can sail only partly-loaded on the German sections of
both rivers, traders said on Monday. [ID:nL2339446]
* Benchmark November ICE gas oil futures were little
changed, or 0.3 percent lower at $622.75 a tonne by 1252 GMT.
LGOc1
* The contango between November and December was
$5.50/$10.50 a tonne, compared with $7.50 at the close.
LGO-1=R
* Gas oil's crack to ICE Brent futures was $8.43/$8.89 a
barrel, compared with $8.84 at the close. LGO-LCO1=R

FUEL OIL
* High sulphur fuel oil (HSFO) barges with 3.5 percent
sulphur were discussed between $430 and $440 a tonne fob ARA,
compared with Friday's close at $434-$439.
* HSFO's prices have not reflected the gains in crude oil
prices on Monday and the crack widened to minus $6.55 a barrel
from minus $5.25 on Friday.
* Traders said bunker demand from Northwest Europe and the
Mediterranean has been relatively strong since last week, while
refinery demand for straight run remained slow due to continuing
run cuts. [REF/E]
* They said the arbitrage shipment to Asia may continue,
regardless the strength of the actual demand there, in a similar
situation Europe has been attracting middle distillates from
Asia and the United States despite weak demand.
* "Some cargoes are still going east but without any profit
taking," one trader said.
Source