RON-95 physical price discussion levels were also supported by demand strength for a second consecutive day. The market was generally bullish on limited prompt stock levels in China, even though domestic Chinese prices were still in a contango shape where prompt prices are lower than forward month prices.
Cautiousness however came from volatile price spreads between Asia and the U.S. the entire week, with arbitrage cargoes deemed unworkable since yesterday because of the narrower differential between the two regions.
Separately, naphtha refining margins reversed direction and declined slightly to $82.93 per tonne, reflecting the continuously weak market fundamentals.
Trading liquidity stayed thin unlike gasoline, as evidenced from the lack of deals in the open market for a fourth consecutive day, weighing on price movements.
SINGAPORE CASH DEALS - Two gasoline deals, no naphtha deal.
NEWS - Oil prices were broadly steady on Thursday, as the prospect of higher fuel demand in China as it reopens post-COVID curbs was offset by fears that U.S. crude stocks hitting their highest for months may signal weakening demand in the world's no. 1 economy. INVENTORIES
- U.S. crude oil stocks rose last week to their highest level since June 2021, helped
by higher production, the Energy Information Administration said on Wednesday. U.S.
gasoline stocks rose by 5 million barrels to 239.6 million barrels, the EIA
said, far surpassing the 1.3 million barrel rise that analysts expected in a Reuters.
- Singapore light distillate stocks held by up to 14 major oil and oil storage
companies drop to 16.766 million barrels, a two-week low, as of Feb.8, according to data
released on Thursday by Enterprise Singapore. PRICES
CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
OSN Naphtha CFR Japan M1 722.00 6.75 0.94 715.25 OSN Naphtha CFR Japan M2 711.00 6.75 0.96 704.25 OSN Naphtha Diff 11.00 0.00 0.00 11.00 <NAF-TYO-DIF
>
Naphtha Netback FOB Sing 78.22 0.75 0.97 77.47 Naphtha-Brent Crack 82.93 -2.17 -2.55 85.10 <NAF-SIN-CRK
>
Gasoline 97 103.17 0.02 0.02 103.15 Gasoline 95 101.50 0.10 0.10 101.40 Gasoline 92 98.55 0.36 0.37 98.19 Gasoline crack 13.34 -0.83 -5.86 14.17 <GL92-SIN-CR
K>
For a list of derivatives prices, including margins, please
double click the RICs below.
Brent M1 Naphtha CFR Japan M1 <NACFRJPSWMc1
>
Naphtha CFR Japan M1/M2 <NACFRJPSDMc1
>
Naphtha CFR Japan M2 <NACFRJPSWMc2
>
Naphtha Japan-Sing Netback <NAPTC4SPDMc1
M1 >
Naphtha Japan-Sing Netback <NAPTC4SPDMc2
M2 >
Naphtha FOB Sing M1 <NAFOBSGSWMc1
>
Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1
>
Naphtha FOB Sing M2 <NAFOBSGSWMc2
>
Naphtha Cracks M1 <NACFRJPCKMc1
>
East-West Naphtha M1 East-West Naphtha M2 NWE Naphtha M1 NWE Naphtha M1/M2 <NAPCNWEASMc1
>
NWE Naphtha M2 Crack NWE Naphtha-Brent M1 <NAPCNWEACMc1
>
Crack NWE Naphtha-Brent M2 <NAPCNWEACMc2
>
*Sing refers to Singapore
(Reporting by Trixie Yap)
