Small gains in oil futures lifts European oil prices

London (Quantum Commodity Intelligence) - Oil futures and the European oil product complex ended the week notching small gains despite concerns over the damage Covid-19 in India on global oil demand.

Front month Brent which is heading to expiry at the ed the end of the month, was up just $10 cts/b by 16.30 UK time.

But second month Brent and front month Low Sulfur Gasoil futures moved in tandem, with the crude future up 45 cts/b, and the front month distillate future up $3.25/mt (43cts/b).

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Naphtha cracks continued to rally, with prices gaining $5.25/mt (58 cts/b) Friday, although propane's recent gains versus Brent came to an end, with prices up $1.50/mt.

Gasoline was mixed, with a small gain in Eurobob E5 reflective of morning trades, while premium unleaded gasoline barges at 16.30pm UK time were up $5/mt.  

Jet cargo prices into northwest Europe jumped $8.50/mt ($1.07/b) as swaps rallied. Cargo prices were capped by an offer at $24/mt above May Low Sulfur Gasoil. The spread between jet barges and cargoes widened, after barges traded at $20.50 and $21/mt above May Low Sulfur Gasoil futures.

Diesel barges traded between $1.25 and $1.75/mt below May Low Sulfur Gasoil barges.

There was little change in the spot bunker market, with high sulfur fuel oil nudging $1.25/mt higher and marine fuel (0.5% sulfur) up $3.75/mt.