off-the-wire

Asia Naphtha/Gasoline-Gasoline crack gains, naphtha falls

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 22 (Reuters) - Asia's gasoline refining profit margin rose on Wednesday amid strong demand for the benchmark grade of the fuel and a decline is U.S. inventories. The crack rose to $16.34 a barrel, compared with $16.18 a barrel a day earlier. The naphtha crack eased by around $4 to $74.80 a tonne over Brent crude. In physical markets, Trafigura and PetroChina bought 50,000 tonnes each of 92-octane grade of motor fuel. Trafigura also bought a cargo of first-half May naphtha. Meanwhile, the recent rout in bank shares will not have a knock-on effect on commodities, global trading firm Trafigura's chief financial officer Christophe Salmon told the Financial Times Commodities Global Summit.


INVENTORIES Light distillate stocks at the Fujairah commercial hub rose by 581,000 barrels to 7.317 million barrels in the week to March 20, S&P Global Commodity Insights data showed. U.S. gasoline inventories fell by about 1.1 million barrels, market sources said, smaller than analysts' estimates of a fall by about 1.7 million barrels. NEWS - Italy has warned the European Commission that it will only support a solution to unblock the EU's planned phase-out of combustion engine cars by 2035 if it allows the sale of cars running on biofuels to continue after that date. - A plunge in Brent crude prices has narrowed the spread between Atlantic Basin and Middle East benchmarks but has failed to spur interest from Asian refiners, which are instead buying up discounted Russian oil, leaving an overhang in African supply. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 637.00 2.50 0.39 634.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 621.00 2.75 0.44 618.25 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 16.00 -0.25 -1.54 16.25 <NAF-TYO-D IF> Naphtha Netback FOB 68.78 0.28 0.41 68.50 Sing
Naphtha-Brent Crack 74.80 -4.02 -5.10 78.82 <NAF-SIN-C RK> Gasoline 97 96.72 1.03 1.08 95.69 Gasoline 95 95.57 1.03 1.09 94.54 Gasoline 92 91.30 1.03 1.14 90.27 Gasoline crack 16.34 0.16 0.99 16.18 <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 Sonia Cheema)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.