off-the-wire

Asia Naphtha/Gasoline-Gasoline margin rises on China demand optimism

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 1 (Reuters) - Asia's gasoline refining profit margin rose on Wednesday as bullish factory data from China renewed optimism around fuel demand in the key oil importer. The crack rose to $12.21 a barrel, compared with $11.99 a day earlier. China's factories rebounded in February at the fastest pace in over a decade, bucking the trend in wider Asia, surveys showed on Wednesday. The naphtha crack, on the other hand, declined by $14.63 to $108.38 a tonne on Wednesday, and the backwardation narrowed to $15.50 per tonne from $19.50 a day earlier. INVENTORIES Light distillate stocks at the Fujairah trading hub declined by 958,000 barrels to a two-week low of 7.275 million barrels in the week to Feb. 27, S&P Global Commodity Insights data showed. U.S. gasoline inventories fell by about 1.8 million barrels, market sources said, compared with analysts' estimate of a rise by 500,000 barrels. TENDERS India's MRPL sold 20,000 tonnes of naphtha to Vitol for March delivery via a tender that closed Monday, market sources said.


NEWS - India gasoline sales rose by 13.5% in February from the previous month, preliminary sales data shows.


- China's CNOOC Ltd , has discovered a new oilfield with light crude reserves of 100 million tonnes in the Bohai Sea, which stretches along China's northern coastline, the company said on Wednesday. - Premiums of marine fuel, also known as bunkers, are set for a bumpy recovery in March in Singapore, the world's largest bunkering port, as refuelling demand from the shipping sector has recently waned, multiple trade sources said. SINGAPORE CASH DEALS Two gasoline trades, no naphtha deals. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 738.00 -6.00 -0.81 744.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 722.50 -2.00 -0.28 724.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 15.50 -4.00 -20.51 19.50 <NAF-TYO-D IF> Naphtha Netback FOB 80.00 -0.67 -0.83 80.67 Sing
Naphtha-Brent Crack 108.38 -14.62 -11.89 123.00 <NAF-SIN-C RK> Gasoline 97 101.36 1.37 1.37 99.99 Gasoline 95 99.57 1.37 1.40 98.20 Gasoline 92 96.16 1.37 1.45 94.79 Gasoline crack 12.21 0.22 1.83 11.99 <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 Shailesh Kuber)

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