- China is expected to import a record amount of crude oil in 2023 due to
increased demand for fuel as people travel more following the dismantling of
COVID-19 controls and as a result of new refineries coming onstream, analysts
said. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC
Change Close
OSN Naphtha CFR 729.00 -5.50 -0.75 734.50 <NAF-1H-TY
Japan M1 O>
OSN Naphtha CFR 709.00 -9.00 -1.25 718.00 <NAF-2H-TY
Japan M2 O>
OSN Naphtha Diff 20.00 3.50 21.21 16.50 <NAF-TYO-D
IF>
Naphtha Netback FOB 79.00 -0.61 -0.77 79.61 Sing
Naphtha-Brent Crack 101.63 10.70 11.77 90.93 <NAF-SIN-C
RK>
Gasoline 97 100.07 -2.16 -2.11 102.23 Gasoline 95 98.89 -2.16 -2.14 101.05 Gasoline 92 95.59 -2.06 -2.11 97.65 Gasoline crack 11.94 0.10 0.84 11.84 <GL92-SIN-
CRK>
For a list of derivatives prices, including margins,
please double click the RICs below.
Brent M1 Naphtha CFR Japan M1 Naphtha CFR Japan M1/M2
Naphtha CFR Japan M2 Naphtha Japan-Sing Netback M1
Naphtha Japan-Sing Netback M2
Naphtha FOB Sing M1 Naphtha FOB Sing M1/M2
Naphtha FOB Sing M2 Naphtha Cracks M1 East-West Naphtha M1 East-West Naphtha M2 NWE Naphtha M1 NWE Naphtha M1/M2 NWE Naphtha M2 Crack NWE Naphtha-Brent M1
Crack NWE Naphtha-Brent M2
*Sing refers to
Singapore
(Reporting by Mohi Narayan; Editing by Sherry Jacob-Phillips)
NEW DELHI, Feb 17 (Reuters) - Asia's naphtha markets gathered steam
this week, posting gains of about 32% and mirroring Northwest Europe markets,
as global supply tightened while traders avoided Russian-origin cargoes and
arrivals from the West dwindled.
The crack climbed by $10.70 to $101.63 a tonne on Friday and the
backwardation widened to highest in nearly 11 months to $20 per tonne. A total of 50,000 tonnes of naphtha for first-half April and May loading
changed hands in physical markets. Analysts and traders said the markets are waiting for more clarity on
regulations around price cap on Russian naphtha.
"Russia will have little difficulty re-routing its lower quality products
such as naphtha, gasoline, and fuel oils but the real demand for Russian
diesel is in Europe, so Russia would need to find new markets and/or ways to
blend its products, J.P.Morgan analysts said in a note on Friday.
INVENTORIES
Naphtha stocks at the Amsterdam-Rotterdam-Antwerp (ARA) commercial hub
plunged to 244,000 tonnes in the week ended Feb. 16, Insights Global data
showed, while gasoline stocks were stable at 1.436 million tonnes. NEWS
- Japanese oil refiner Idemitsu Kosan Co has shut the 150,000
barrel-per-day (bpd) crude distillation unit (CDU) at its Hokkaido refinery in
northern Japan on Feb. 14 due to system trouble, a company spokesperson said
on Friday.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.