off-the-wire

Asia Naphtha/Gasoline-Gasoline crack stable, CPC offers spot reformate

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, April 10 (Reuters) - Asia's gasoline markets were steady above $17 a barrel on Monday, as a series of trades for the benchmark grade of the fuel at the Singapore window kept sentiment positive. The crack for gasoline traded at $17.30 per barrel over Brent crude. In physical markets, energy trader Saudi Aramco was active again, snapping up 100,000 barrels of benchmark grade of gasoline. Unipec also bought the same volumes of the grade. Vitol and Trafigura bought a cargo each for the higher octane-95 grade of motor fuel. Trade remained muted for naphtha as demand for alternative and cheaper feedstock liquefied petroleum gas (LPG) soared in the recent weeks, market participants said. "Russian naphtha has pivoted to Asia, granting the region plentiful supply. As such, we expect Asian cracker utilisation rates excluding China to rise to around 85% by end-September, at which point we expect naphtha to become the flexi-cracker feedstock of choice again," consultancy Energy Aspects said in a note.


TENDERS Taiwan's CPC offered 18,000 tonnes of reformate for spot sale from Kaohsiung port in a tender that closes Wednesday.


NEWS - Crude oil production by Indonesia's state energy company Pertamina in January to March was 575,000 barrels of oil per day (bpd), 2% above target, the head of its upstream subsidiary told parliament on Monday. - State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 688.00 -2.00 -0.29 690.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 681.50 -2.00 -0.29 683.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 6.50 0.00 0.00 6.50 <NAF-TYO-D IF> Naphtha Netback FOB 74.44 -0.23 -0.31 74.67 Sing
Naphtha-Brent Crack 50.50 -4.48 -8.15 54.98 <NAF-SIN-C RK> Gasoline 97 108.10 0.20 0.19 107.90 Gasoline 95 105.00 0.60 0.57 104.40 Gasoline 92 102.30 0.20 0.20 102.10 Gasoline crack 17.30 -0.13 -0.75 17.43 <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 Varun H K)

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.