off-the-wire

Asia Naphtha/Gasoline-Margins slip as Singapore inventories rise

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 2 (Reuters) - Asia's naphtha and gasoline margins declined on Thursday after stocks at Singapore's trading hub showed a large buildup, although sentiment remained positive amid tight supplies for both the products. The naphtha crack slipped to $105.10 a tonne, and the gasoline crack dropped to $10.56 a barrel over Brent crude. In physical markets, there were a flurry of gasoline trades. Energy trader Vitol snapped up a total of 100,000 barrels of the fuel and Unipec bought a single parcel of 50,000 barrels. Refiners' profit from making gasoline has tripled in Asia this year from October lows amid tight supplies from China and hopes of record Indonesian demand, a trend that is likely to continue into summer driving season, traders and analysts said. INVENTORIES Singapore's onshore inventories of lights distillates climbed 1.567 million barrels to a two-week high of 17.145 million barrels n the week to March 1, Enterprise Singapore data showed. U.S. gasoline stocks fell by 900,000 barrels in the week to 239.2 million barrels, government data showed, compared with analysts' expectations for a 500,000-barrel rise.?


NEWS - China's seaborne imports of Russian oil are set to hit a record this month after refiners took advantage of cheap prices as domestic fuel demand rebounded, but Russia's plan to cut exports will likely cap buying in coming months. Crude oil processed by Indian refiners reached record levels in January, provisional government data showed on Wednesday, as the country boosted shipments of lucrative Russian barrels that Western countries shunned. SINGAPORE CASH DEALS Three gasoline trades, no naphtha deals. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 735.25 -2.75 -0.37 738.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 718.75 -3.75 -0.52 722.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 16.50 1.00 6.45 15.50 <NAF-TYO-D IF> Naphtha Netback FOB 79.69 -0.31 -0.39 80.00 Sing
Naphtha-Brent Crack 105.10 -3.28 -3.03 108.38 <NAF-SIN-C RK> Gasoline 97 100.09 -1.27 -1.25 101.36 Gasoline 95 98.30 -1.27 -1.28 99.57 Gasoline 92 94.58 -1.58 -1.64 96.16 Gasoline crack 10.56 -1.65 -13.51 12.21 <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)

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