West Texas Intermediate oil fell from the highest price in three weeks as an unprecedented levy on bank savings in Cyprus threatened to worsen Europe ’s debt crisis. Libya shut a crude pipeline after protests.
WTI for April delivery declined as much as $1.31 to $92.14 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.29 at 3:09 p.m. Singapore time. The contract climbed 42 cents to $93.45 on March 15, the highest settlement since Feb. 20. The volume of all futures traded was more than twice than the 100-day average.
Brent for May settlement decreased $1.34 to $108.48 a barrel on the London-based ICE Futures Europe exchange. The number of futures traded was 50 percent above the 100-day average. The European benchmark grade was at a premium of $15.79 to WTI futures for the same month, down from $16 on March 15.
Asia fuel oil’s discount to crude shrinks, signaling narrowing losses for refiners making residual products. Gasoil’s crack spread extends gains.
• Light Distillates • Singapore naphtha’s discount to London Brent crude narrows 12 cents to $8.18/bbl as of 12:10 p.m. Singapore time, according to data compiled by Bloomberg • April Japan naphtha swaps down $9.13 at $900/mt • April East-West naphtha spread up $2.22 at $11.52/mt
• Middle Distillates • Gasoil’s premium to Dubai crude up 7 cents at $18.20/bbl • April gasoil swaps down $1.25 at $122.64/bbl • April gasoil swap trades at 31 cents/bbl above May contract • April East-West gasoil spread down 24 cents at $3.26/mt • Jet fuel regrade unchanged after rising to a 35 cents/bbl discount to gasoil • April kerosene swap trades 41 cents/bbl above May contract
• Fuel Oil • Fuel oil’s discount to Dubai crude narrows 11 cents to $4.67/bbl • April 180-cst fuel oil swaps down $7.76 at $633.43/mt • April fuel oil swap trades $2.30/mt above May contract • Viscosity spread widens 2 cents to $10.26/mt • April East-West fuel oil spread narrows 31 cents to $33.89/mt
Copper declined to a four-month low as an unprecedented levy on bank deposits in Cyprus threatened to plunge Europe back into crisis, curbing demand for metals. Aluminum, nickel, tin, lead and zinc dropped.
Copper for delivery in three months slumped as much as 2.7 percent to $7,545.75 a metric ton, the lowest level since Nov. 9, on the London Metal Exchange and traded at $7,593.75 by 3:56 p.m. in Tokyo.