off-the-wire

Asia Naphtha/Gasoline-Naphtha crack at over 1-month low tracking European markets

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 13 (Reuters) - Asia's naphtha refining profit plunged to its lowest level since Feb. 1 on Monday, mirroring the downtrend in Northwest Europe cracks, and a slight recovery in crude oil benchmarks also weighed on the cracks. The naphtha crack slipped to $76.93 a tonne, compared with $87.15 a tonne on Friday. There were no trades for naphtha at the Singapore window, amid waning demand for April cargoes, market participants said. "Asian naphtha prices will be governed more by demand than supply, led by China's reopening," analysts at consultancy Energy Aspects said in a note. Petrochemical margins will strengthen as downstream demand recovers during second half this year, although the recovery will remain lower year-on-year by a glut of new cracker capacity that will likely come online in 2023, particularly in China, the consultancy estimated.


NEWS - The share of African crude oil in India's total crude imports in February dropped to its lowest level in at least 22 years as refiners took record volume of discounted Russian oil and raised purchases from Middle Eastern producers under annual deals, shipping data obtained from sources show. - Saudi Arabia's Rabigh Refining and Petrochemical 2380.SE has restarted its refining and downstream units from a planned maintenance, after more than a month-long delay, four industry sources said. - Strikes blocking fuel deliveries from French refineries continued for a sixth day on Monday, after the Senate voted over the weekend to adopt President Emmanuel Macron's unpopular pension reform plan. SINGAPORE CASH DEALS One gasoline trade, no naphtha deals. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 699.50 5.00 0.72 694.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 681.00 5.00 0.74 676.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 18.50 0.00 0.00 18.50 <NAF-TYO-D IF> Naphtha Netback FOB 75.72 0.55 0.73 75.17 Sing
Naphtha-Brent Crack 76.93 -10.22 -11.73 87.15 <NAF-SIN-C RK> Gasoline 97 103.99 1.55 1.51 102.44 Gasoline 95 101.97 1.35 1.34 100.62 Gasoline 92 95.25 1.55 1.65 93.70 Gasoline crack 12.24 -0.48 -3.77 12.72 <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 Varun H K)

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