off-the-wire

Asia Naphtha/Gasoline-Cracks rise over crude weakness, tight supplies

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 6 (Reuters) - Asia's naphtha and gasoline margins rose on Monday amid weakness in crude oil benchmarks and persistent tightness in supplies. The naphtha refining profit margin rose by about $6 to $109.13 a tonne, while the gasoline crack gained 41 cents at $10.84 a barrel over Brent crude oil. In physical markets, energy trader Unipec bought 50,000 barrels of the benchmark grade gasoline. There were no deals for naphtha for a fourth consecutive trading day at the Singapore window. "There is an air of positivity surrounding downstream demand as the ethylene-naphtha spread widened marginally week-on-week to just over $230 per tonne," consultancy FGE said in a note.


TENDERS Sri Lanka's Ceypetco has sought a rare 140,000 barrels of naphtha for March 28-29 delivery in tender that closes on Wednesday and is valid for 72 hours. Vietnam's Petrolimex also sought gasoline supplies for delivery in March, market sources said.


NEWS - Indonesia's state energy company Pertamina said on Friday its fuel supply remained secure after a fire at its storage station in Jakarta. A spokesperson also told Reuters the company planned to divert the fuel supply for Jakarta from other terminals. - Russian oil firm Rosneft's Chief Executive Igor Sechin met with Cuba's President Miguel Diaz-Canel late on Saturday, the island's leader said, amid an acute fuel shortage that has service stations temporarily shuttered and hours-long gasoline queues. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 750.75 13.25 1.80 737.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 734.25 13.25 1.84 721.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 16.50 0.00 0.00 16.50 <NAF-TYO-D IF> Naphtha Netback FOB 81.42 1.48 1.85 79.94 Sing
Naphtha-Brent Crack 109.13 6.05 5.87 103.08 <NAF-SIN-C RK> Gasoline 97 101.68 1.37 1.37 100.31 Gasoline 95 99.98 1.37 1.39 98.61 Gasoline 92 96.39 1.37 1.44 95.02 Gasoline crack 10.84 0.41 3.93 10.43 <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)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.