off-the-wire

Asia Naphtha/Gasoline-Gasoline crack at over two-month high on firm demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 20 (Reuters) - Asia's gasoline refining profit margin climbed to the highest since Jan. 26 on Monday as firm demand for the fuel's benchmark grade at the Singapore window lifted sentiment amid expectations of tight supplies from India, traders said. The crack jumped to $16.28 a barrel, compared with $15.10 a barrel on Friday. India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said. This move by India will extend support to Asian cracks, a Singapore-based gasoline trader said. Meanwhile, another key exporter, China, supplied 20% more gasoline in January and February than a year earlier, customs data showed on Saturday, after Beijing raised fuel export quotas to spur refinery output. "China's gasoline exports remain around 200,000 barrels per day in March, but we expect this to rise in April and May as pressure to fully utilize export quotas mounts," consultancy FGE said in a note. In physical markets, 150,000 barrels of benchmark-grade of motor fuel changed hands, while trade remained muted for naphtha. REFINERY NEWS - Sinopec's 600028.SS Luoyang refinery will shut down its whole plant for a 54-days planned maintenance, starting from May 15, according to a statement from a Sinopec engineering firm that will participate in the overhaul. - China's state-owned refiner China National Petroleum Corporation (CNPC) will start maintenance at its Changqing refinery from April 1, according to a statement from a CNPC engineering firm that will participate in the overhaul. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 601.50 -42.00 -6.53 643.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 585.50 -42.00 -6.69 627.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 16.00 0.00 0.00 16.00 <NAF-TYO-D IF> Naphtha Netback FOB 64.83 -4.67 -6.72 69.50 Sing
Naphtha-Brent Crack 74.10 -3.90 -5.00 78.00 <NAF-SIN-C RK> Gasoline 97 95.33 -3.91 -3.94 99.24 Gasoline 95 93.32 -3.90 -4.01 97.22 Gasoline 92 86.60 -3.90 -4.31 90.50 Gasoline crack 16.28 1.18 7.81 15.10 <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)

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