off-the-wire

Asia Naphtha/Gasoline-Naphtha crack plummets to over one-month low

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 16 (Reuters) - Asia's naphtha refining profit margin tanked by about $25 on Thursday to its lowest since Feb. 1 as Singapore inventories registered a large build. The crack fell to $68.90 a tonne, while the backwardation in markets narrowed to $16 per tonne. The gasoline crack rose slightly to $14.82 a barrel over Brent crude amid weakness in oil prices and persistent tight supplies from China. Meanwhile, Indian domestic gasoline sales by state refiners fell 0.5% to 1.22 million tonnes in the first half of March from the same period last month, preliminary sales data showed. "Last year, there was pent up demand and now we have it steadily come down to normal (in India)... it seems to be hitting a plateau," Sugandha Sachdeva, independent oil market expert said.


INVENTORIES Singapore onshore inventories of light distillates climbed 1.358 million barrels to a two-week high of 16.91 million barrels in the week to March 15, Enterprise Singapore data showed. U.S. gasoline stocks fell by 2.1 million barrels in the week to 236 million barrels, government data showed, compared with analysts' forecasts for a 1.8 million-barrel drop.?


NEWS - U.S. crude exports to China in March are headed for their highest in nearly two-and-half-years, spurred by a recovery in demand and competitive prices compared with Middle East supplies. SINGAPORE CASH DEALS One gasoline trade, no naphtha trades. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 627.50 -55.25 -8.09 682.75 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 611.50 -52.75 -7.94 664.25 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 16.00 -2.50 -13.51 18.50 <NAF-TYO-D IF> Naphtha Netback FOB 67.72 -6.14 -8.31 73.86 Sing
Naphtha-Brent Crack 68.90 -25.48 -27.00 94.38 <NAF-SIN-C RK> Gasoline 97 98.04 -3.20 -3.16 101.24 Gasoline 95 96.02 -3.20 -3.23 99.22 Gasoline 92 89.30 -3.20 -3.46 92.50 Gasoline crack 14.82 0.77 5.48 14.05 <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)

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