LONDON, March 15: European oil swaps were steady to firmer on Friday as crude futures prices held on to the bulk of previous session gains, brokers said.
As Opec ministers agreed in Vienna to maintain existing output cuts, fuel oil swaps put on $2-$3 a ton on both the 3.5 per cent barge market and one per cent cargoes.
April barge paper was talked around $120.25 a ton and May stayed $2 under the front month, while one per cent cargoes were pegged either side of $120 in April and $119.50 in May.
May IPE Brent crude futures were 19 cents lower at $24.48 a barrel, following a 60 cents jump on Thursday.
Naphtha led the product gains as a $6-$7 early jump on the Singapore paper market, driven by crude, helped to lift April naphtha swaps by $4 to $220-$221 a ton, with may assessed $3 under the front month.
Gasoline swaps were flat to slightly firmer at $250.50-$252 a ton in April. The April/May backwardation stayed at $3-$4 a ton and May/June was pegged at $1.50-$2.50, brokers said.
Distillate premiums were left unchanged as April traded twice at $22.75 over IPE gas oil and the EN590 front months were pegged at $14.50-$16.—Reuters
