off-the-wire

Asia Naphtha/Gasoline-Margins decline as Singapore inventories rise

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, Feb 16 (Reuters) - Asia's gasoline and naphtha refining profit margin fell on Thursday after Singapore stocks logged a big build. The Naphtha crack slipped by $7.83 to $90.93 a tonne while the gasoline crack fell to $11.84 a barrel. A larger than expected increase in U.S. stocks added further pressure to the gasoline complex, though optimism around a China fuel demand recovery limited the downside. In the naphtha markets, tight supplies from the West continued cushion a big fall in prices. "Modest price upside for Asian naphtha relative to firmer European naphtha will keep the east–west spread between $0 and $5 per tonne through at least the second quarter this year, well below workable arbitrage values," Energy Aspects analysts said in a note. INVENTORIES - Singapore inventories of lights distillates climbed to a more than six-month high of 17.582 million barrels in the week ended Feb. 15, Enterprise Singapore data showed. - U.S. gasoline stocks rose by 2.3 million barrels to 241.9 million barrels, the EIA said, far exceeding expectations for a 1.5 million barrel rise in a Reuters poll of analysts. ? NEWS - Pakistan has raised the price of petrol by 22.20 rupees ($0.0835) a litre to 272 rupees ($1.02), effective on Thursday, because of the plummeting value of the country's currency, the finance ministry said in a statement. SINGAPORE CASH DEALS One naphtha trade, one gasoline deal. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 734.50 1.25 0.17 733.25 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 718.00 0.25 0.03 717.75 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 16.50 1.00 6.45 15.50 <NAF-TYO-D IF> Naphtha Netback FOB 79.61 0.14 0.18 79.47 Sing
Naphtha-Brent Crack 90.93 -7.82 -7.92 98.75 <NAF-SIN-C RK> Gasoline 97 102.23 0.75 0.74 101.48 Gasoline 95 101.05 0.75 0.75 100.30 Gasoline 92 97.65 0.75 0.77 96.90 Gasoline crack 11.84 -0.46 -3.74 12.30 <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 Editing by David Goodman )

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