Asia's naphtha markets softened on Thursday as a lack of deals in physical markets for the second straight day offset support from a decline in inventories at key trading hubs.
The crack slipped to $114.08 a tonne from $119.05 a tonne a day earlier. On Thursday, the first half April naphtha traded $19.50 per tonne higher than the following month. The gasoline crack also declined, although losses were limited by firm demand from Indonesia. Indonesia has boosted imports of gasoline by about 32% in February ahead of the Ramadan festival in March, data from Enterprise Singapore showed. Asia's biggest motor fuel buyer has raised its imports of the fuel from Singapore to about 744,000 tonnes in February so far, compared with a monthly average of about 565,000 tonnes in the past three months, the data showed.
INVENTORIES
- Singapore onshore inventories of light distillates dropped
by about 2 million barrels to an eight-week low of 15.578
million barrels in the week to Feb. 22, official data showed. NEWS
- India's fuel demand is likely to grow 4.7% in the next
fiscal year beginning on April 1, initial government estimates
showed. - Residual fuel oil stocks at key trading hub Singapore rose
9% from the previous week to 20-week highs after net imports
extended gains, official data showed on Thursday. SINGAPORE CASH DEALS Two gasoline trades, no naphtha deals.
PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC
Change Close
OSN Naphtha CFR 722.25 -14.50 -1.97 736.75 <NAF-1H-TY
Japan M1 O>
OSN Naphtha CFR 702.75 -14.50 -2.02 717.25 <NAF-2H-TY
Japan M2 O>
OSN Naphtha Diff 19.50 0.00 0.00 19.50 <NAF-TYO-D
IF>
Naphtha Netback FOB 78.25 -1.61 -2.02 79.86 Sing
Naphtha-Brent Crack 114.08 -4.97 -4.17 119.05 <NAF-SIN-C
RK>
Gasoline 97 96.93 -1.85 -1.87 98.78 Gasoline 95 95.75 -1.85 -1.90 97.60 Gasoline 92 92.45 -1.85 -1.96 94.30 Gasoline crack 11.36 -0.58 -4.86 11.94 <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 Devika Syamnath)
