off-the-wire

Asia Naphtha/Gasoline-Gasoline crack rises for a second day

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 23 (Reuters) - Asia's gasoline refining profit margin extended gains on Thursday on signs of depleting stocks ahead of summer driving season in world's biggest market, the United States. The crack climbed to $17.65 a barrel over Brent crude, compared with $16.34 a barrel on Wednesday. Last week's 6 million-barrel drawdown in U.S. stocks was the biggest since September 2021, leaving inventories at 229.6 million barrels, their lowest for this time of the year since 2015, according to weekly government data.


In physical markets, energy trader Unipec bought a cargo of the higher 95-octane grade of gasoline, while there were no deals for naphtha, market participants said. INVENTORIES Singapore inventories of light distillates rose by 219,000 barrels to a three-week high of 17.129 million barrels in the week to March 22, Enterprise Singapore data showed. Gasoline stocks fell by 6.4 million barrels to 229.6 million barrels, government data showed, compared with analysts' expectations for a 1.7 million-barrel drop. ?


NEWS - Asian gasoil stocks have risen sharply in recent weeks as regional refiners are stuck exporting to markets east of the Suez, with narrower opportunities to send barrels to Africa flooded with Russian cargoes, traders and analysts said. - Hundreds of extra ships have joined this opaque parallel trade over the past few years as a result of rising Iranian oil exports as well as restrictions imposed on Russian energy sales over the war in Ukraine, said the industry players, who include commodity traders, shipping companies, insurers and regulators. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 657.50 20.50 3.22 637.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 644.50 23.50 3.78 621.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 13.00 -3.00 -18.75 16.00 <NAF-TYO-D IF> Naphtha Netback FOB 71.06 2.28 3.31 68.78 Sing
Naphtha-Brent Crack 85.40 10.60 14.17 74.80 <NAF-SIN-C RK> Gasoline 97 99.35 2.63 2.72 96.72 Gasoline 95 98.20 2.63 2.75 95.57 Gasoline 92 93.93 2.63 2.88 91.30 Gasoline crack 17.65 1.31 8.02 16.34 <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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