off-the-wire

Asia Naphtha/Gasoline-Naphtha crack rallies on tight supply, uncertainty on price cap

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, Feb 15 (Reuters) - Asia's naphtha refining profit margin extended gains on Wednesday amid tight supplies as traders avoided Russian cargoes and shipments from the West declined, market participants said. The crack rose by $6.35 to $98.75 a tonne. On Wednesday, the second-half March naphtha traded $15.50 higher than the following month at $733.25 per tonne. "Everyone is waiting for clarity on regulations," a Dubai-based trader said referring to the price cap on Russian naphtha. Western naphtha inflows are projected to fall for a second consecutive month to around 1.4 million tonnes in February, compared with about 1.8 million tonnes in the same period last year, assessments by Refinitiv Oil Research showed. Meanwhile, in India, firms are keen to buy Russian naphtha as low-cost feedstock for their refineries and petrochemical plants, six refining sources said, but they are still awaiting offers as the market seeks clarity. INVENTORIES Light distillate stocks at the Fujairah trading hub declined to a two-week low of 7.184 million barrels in the week to Feb. 13, S&P Global Commodity Insights data showed. U.S. gasoline inventories registered a smaller-than-expected rise of about 846,000 barrels, market sources said citing American Petroleum Institute figures. NEWS - China's top refiners PetroChina and Sinopec are resuming purchases of discounted Russian crude after a brief pause in late 2022, just before the European Union embargo on Russian oil started, industry sources said. SINGAPORE CASH DEALS Four gasoline trades, no naphtha deals. PRICES CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 733.25 -5.50 -0.74 738.75 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 717.75 -12.50 -1.71 730.25 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 15.50 7.00 82.35 8.50 <NAF-TYO-D IF> Naphtha Netback FOB 79.47 -0.61 -0.76 80.08 Sing
Naphtha-Brent Crack 98.75 6.35 6.87 92.40 <NAF-SIN-C RK> Gasoline 97 101.48 -1.70 -1.65 103.18 Gasoline 95 100.30 -1.80 -1.76 102.10 Gasoline 92 96.90 -1.70 -1.72 98.60 Gasoline crack 12.30 -0.12 -0.97 12.42 <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>
NEW Naphtha M1 <NAPCNWEAM


c1>
NEW Naphtha M1/M2 <NAPCNWEAS


Mc1>
NEW Naphtha M2 <NAPCNWEAM


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

*Sing refers to
Singapore
(Reporting by Mohi Narayan; editing by Eileen Soreng)

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