off-the-wire

Asia Naphtha/Gasoline-Naphtha markets close the month at nine-month peak

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, Feb 28 (Reuters) - Asia's refining profit margin for naphtha jumped to a nine-month high on Tuesday, the last trading day of the month, amid tight supplies from the West. The crack climbed to $123 a tonne, the highest level since May 2022, from $118.80 a tonne a day earlier. Naphtha margins have surged over 96% this month, Eikon data showed, amid a closed east-west arbitrage, traders said. March supplies from Northwest Europe, the Mediterranean, the United States and Russia into Asia are expected to be around 1.1 million to 1.3 million tonnes, the lowest since October 2022 and down from about 1.5 million tonnes in February, data from traders, Refinitiv Oil Research and Kpler showed. In physical markets, energy trader BP sold 25,000 tonnes of second-half April naphtha cargo and no deals could be reached for gasoline. NEWS - Russia's exports of ultra-low sulphur diesel (ULSD) from the Baltic Sea port of Primorsk are set to rise by 11% in February versus previous plan to record-high 1.9 million tonnes despite the EU embargo, traders said and Refinitiv data showed. - India has withdrawn trading licences for oil tankers and bulk carriers that are more than 25 years old, its shipping regulator said, as the world's third-largest greenhouse gas emitter looks to cut emissions and reduce the average age of its fleet. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 744.00 0.75 0.10 743.25 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 724.50 0.75 0.10 723.75 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 19.50 0.00 0.00 19.50 <NAF-TYO-D IF> Naphtha Netback FOB 80.67 0.09 0.11 80.58 Sing
Naphtha-Brent Crack 123.00 4.20 3.54 118.80 <NAF-SIN-C RK> Gasoline 97 99.99 -0.71 -0.71 100.70 Gasoline 95 98.20 -0.71 -0.72 98.91 Gasoline 92 94.79 -0.70 -0.73 95.49 Gasoline crack 11.99 -0.24 -1.96 12.23 <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 Sonia Cheema)

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