off-the-wire

Asia Naphtha/Gasoline-Gasoline margin rises amid firm demand, tight supplies

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, Feb 27 (Reuters) - Asia's gasoline refining profit margin extended gains on Monday, buoyed by firm Indonesian and Indian demand and tight Chinese supplies, traders said. The gasoline crack rose to $12.23 a barrel over Brent crude, compared with $11.58 on Friday. In physical markets, energy trader Vitol bought 50,000 barrels of the higher 95-octane grade of gasoline, while Total sold 25,000 tonnes of first-half April naphtha, market participants said. India's demand for gasoline, used mainly in passenger vehicles, is expected to rise by 7.1% to 37.8 million tonnes in the next fiscal year beginning on April 1, initial government estimates showed. The naphtha refining profit margin also rose by $6.37 to $118.80 a tonne and the backwardation stood at $19.50 per tonne. TENDERS India's MRPL offered 20,000 tonnes of naphtha for March 10-12 delivery in a tender that closes on Monday with same-day validity, the company said in a tender document.


NEWS - China's Yulong Petrochemical has agreed two two-year crude oil supply deals with BP PLC and Chevron Corp to supply its 400,000 barrel-per-day greenfield refinery in northern China from next year, a company official told Reuters on Monday. - Oil prices fell in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts. SINGAPORE CASH DEALS One naphtha trade, one gasoline deal. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 743.25 6.75 0.92 736.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 723.75 6.75 0.94 717.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 19.50 0.00 0.00 19.50 <NAF-TYO-D IF> Naphtha Netback FOB 80.58 0.75 0.94 79.83 Sing
Naphtha-Brent Crack 118.80 6.37 5.67 112.43 <NAF-SIN-C RK> Gasoline 97 100.70 0.70 0.70 100.00 Gasoline 95 98.91 0.70 0.71 98.21 Gasoline 92 95.49 0.70 0.74 94.79 Gasoline crack 12.23 0.65 5.61 11.58 <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 Varun H K)

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