off-the-wire

Asia Naphtha/Gasoline-Naphtha markets end the week in loss

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 10 (Reuters) - Asia's naphtha refining profit margin weakened by about 15% this week amid a decline in prices of second-half April naphtha to over one-month low. The crack slipped by $10.13 to $97.28 a tonne over Brent crude on Friday. Naphtha margins have slumped over 29% in March so far due to volatility in crude oil benchmarks. Oil prices were headed for their biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand. The gasoline crack also declined 65 cents to $12.72, although the downside was capped as buyers actively sought the benchmark grade gasoline at the Singapore window. INVENTORIES


Naphtha stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub dropped to 248,000 tonnes in the week to March 9, from 293,000 tonnes in the week to March 10 last year, Insights Global data showed. The trading hub has not received any naphtha parcels from Russia since Feb. 9. According to FGE estimates, light distillate stocks at key trading hubs of the world drew for the third consecutive week, by 2.6 million barrels, and are now 7.7 million barrels below the 2015-2019 range for this time of the year.


"The draw was led by Singapore, where light distillate stocks drew by 1.6 million barrels from very high level seen last week because of higher demand due to stockpiling ahead of the Ramadan holiday period and because of lower exports from China," analysts at FGE said in a note. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 694.50 -24.00 -3.34 718.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 676.00 -24.00 -3.43 700.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 18.50 0.00 0.00 18.50 <NAF-TYO-D IF> Naphtha Netback FOB 75.17 -2.66 -3.42 77.83 Sing
Naphtha-Brent Crack 87.15 -10.13 -10.41 97.28 <NAF-SIN-C RK> Gasoline 97 102.44 -2.51 -2.39 104.95 Gasoline 95 100.62 -2.50 -2.42 103.12 Gasoline 92 93.70 -2.50 -2.60 96.20 Gasoline crack 12.72 -0.65 -4.86 13.37 <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 Shilpi Majumdar)

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