off-the-wire

Asia Naphtha/Gasoline-Naphtha margin soars ahead of ban on Russian oil products

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, Feb 3 (Reuters) - Asia's naphtha crack lingered near eight-month highs on Friday and posted a weekly gain of about 63%, mirroring the strength in Northwest Europe margins, traders said, while sentiment remained jittery as EU ban on Russian oil products loomed. The crack climbed $9.55 to $94.55 a tonne, the highest since May 2022, and the backwardation in naphtha markets widened by $1 to $10.25 per tonne. In physical markets, a total of 50,000 tonnes of first-half April naphtha changed hands.


Meanwhile, naphtha stocks at the key European trading hub of Amsterdam-Rotterdam-Antwerp (ARA) dropped to 243,000 tonnes in the week to Feb. 2, the lowest since nearly two months, as markets head into the much anticipated sanctions on Russian refined products Feb. 5 onwards. NEWS - The European Union's ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil. - Taiwan's state-owned refiner, CPC Corp, plans to shut its No. 11 crude distillation unit (CDU) in June for scheduled maintenance, company spokesperson Chang Ray-chung said on Friday. SINGAPORE CASH DEALS Two naphtha deals, no gasoline trades. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 708.50 0.50 0.07 708.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 697.50 -0.25 -0.04 697.75 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 11.00 0.75 7.32 10.25 <NAF-TYO-D IF> Naphtha Netback FOB 76.72 0.05 0.07 76.67 Sing
Naphtha Diff FOB 0.40 0.00 0.00 0.40 <NAF-SIN-D Sing IF> Naphtha-Brent Crack 94.55 9.35 10.97 85.20 <NAF-SIN-C RK> Gasoline 97 102.31 -1.39 -1.34 103.70 Gasoline 95 97.21 -1.49 -1.51 98.70 Gasoline 92 94.11 -1.39 -1.46 95.50 Gasoline crack 12.25 -0.21 -1.69 12.46 <GL92-SIN- CRK>
For a list of derivatives prices, including
margins, please double click the RICs below.
Brent M1 <BRENTSGMc


1>
Naphtha CFR Japan M1 <NACFRJPSW


Mc1>
Naphtha CFR Japan <NACFRJPSD
M1/M2 Mc1>
Naphtha CFR Japan M2 <NACFRJPSW


Mc2>
Naphtha Japan-Sing <NAPTC4SPD
Netback M1 Mc1>
Naphtha Japan-Sing <NAPTC4SPD
Netback M2 Mc2>
Naphtha FOB Sing M1 <NAFOBSGSW


Mc1>
Naphtha FOB Sing <NAFOBSGSD
M1/M2 Mc1>
Naphtha FOB Sing M2 <NAFOBSGSW


Mc2>
Naphtha Cracks M1 <NACFRJPCK


Mc1>
East-West Naphtha M1 <NAPJPEWMc


1>
East-West Naphtha M2 <NAPJPEWMc


2>
NWE Naphtha M1 <NAPCNWEAM


c1>
NWE Naphtha M1/M2 <NAPCNWEAS


Mc1>
NWE Naphtha M2 <NAPCNWEAM


c2>
Crack NWE <NAPCNWEAC
Naphtha-Brent M1 Mc1>
Crack NWE <NAPCNWEAC
Naphtha-Brent M2 Mc2>

*Sing refers to
Singapore
(Reporting by Mohi Narayan)

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