off-the-wire

Asia Naphtha/Gasoline-Gasoline crack falls to lowest since mid-March

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, April 12 (Reuters) - Asia's gasoline refining margin dropped to its lowest in nearly a month on Wednesday as U.S. stocks climbed, even as it still traded strong above $14 a barrel. The crack fell by $2.64 to $14.78 a barrel over Brent crude, the lowest since March 16. In physical markets, Aramco bought 100,000 barrels of benchmark grade of gasoline. The energy trader had 350,000 barrels of the grade earlier this week, market participants said. Naphtha markets remained subdued and the crack traded steady at $53.35 a tonne over Brent crude in a backwardated market. INVENTORIES Light distillates stocks at the commercial hub of Fujairah surged by 1.085 million barrels to a two-week high of 7.170 million barrels in the week to April 10, S&P Global Commodity Insights data showed. U.S. gasoline inventories rose by about 450,000 barrels, market sources told Reuters, against analysts' estimates of a fall by about 1.6 million barrels. NEWS - Benchmark Northwest European diesel refining margins dropped to $17.70 a barrel on Wednesday, their lowest since Feb. 25, 2022, a day after Russia launched its invasion of Ukraine, data showed. SINGAPORE CASH DEALS Two gasoline deals, no naphtha trades. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 694.75 5.75 0.83 689.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 688.25 5.75 0.84 682.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 6.50 0.00 0.00 6.50 <NAF-TYO-D IF> Naphtha Netback FOB 75.19 0.63 0.84 74.56 Sing
Naphtha-Brent Crack 53.35 -0.55 -1.02 53.90 <NAF-SIN-C RK> Gasoline 97 106.09 -1.81 -1.68 107.90 Gasoline 95 103.00 -1.80 -1.72 104.80 Gasoline 92 100.30 -1.80 -1.76 102.10 Gasoline crack 14.78 -2.64 -15.15 17.42 <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 Sohini Goswami)

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