off-the-wire

Asia Naphtha/Gasoline-Naphtha crack rises, Fujairah inventories down

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 15 (Reuters) - Asia's naphtha refining profit margin jumped on Wednesday after inventories declined at Fujairah trading hub, a key supplier of naphtha to the region. The crack climbed to $94.38 a tonne, compared with $86.65 a tonne a day earlier. In physical markets, energy trader Unipec bought 150,000 barrels of benchmark-grade gasoline. In naphtha markets, there were couple of bids for May cargoes, but no corresponding offers resulted in no deals for the fuel. "While ethylene-based naphtha cracks are improving, they are still under our estimated breakeven levels of $320 per tonne," consultancy FGE said in a note. INVENTORIES Light distillate stocks at the Fujairah commercial hub declined to the lowest level since Dec. 19 at 6.736 million barrels in the week to March 13, S&P Global Commodity Insights data showed. Oil storage demand and transit volumes are poised to grow further at the United Arab Emirates' Fujairah port this year as Russian trade flows particularly Urals and naphtha continue to flood the hub, industry executives said at the Fujairah Bunkering and Fuel Oil Forum (FUJCON) on Tuesday. PRICES
OSN Naphtha CFR 682.75 -1.50 -0.22 684.25 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 664.25 -1.50 -0.23 665.75 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 18.50 0.00 0.00 18.50 <NAF-TYO-D IF> Naphtha Netback FOB 73.86 -0.17 -0.23 74.03 Sing
Naphtha-Brent Crack 94.38 7.73 8.92 86.65 <NAF-SIN-C RK> Gasoline 97 101.24 0.50 0.50 100.74 Gasoline 95 99.22 0.50 0.51 98.72 Gasoline 92 92.50 0.50 0.54 92.00 Gasoline crack 14.05 1.73 14.04 12.32 <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


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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 Eileen Soreng)

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