off-the-wire

Asia Naphtha/Gasoline-Gasoline margin falls by more than 15% on week

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, April 14 (Reuters) - Asia's gasoline complex posted a weekly loss of over 15% even as strong pull from U.S. markets amid lower stocks cover heading into the summer driving season boosted broader sentiment. Traders said market participants could be taking a cautious approach due to a rise in exports from China in March and April. While the crack weakened on week, it still traded strong above $14 a barrel on Friday and demand remained healthy in physical markets. Energy trader Aramco snapped up 50,000 barrels of benchmark grade of gasoline at the Singapore window. Vitol and Unipec bought a cargo each of the higher octane-95 grade of gasoline. Meanwhile, Paris-based International Energy Agency said in its monthly report that tightness in global gasoline markets could ease going forward as U.S. refinery crude intake accelerates.



INVENTORIES Naphtha stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area declined to 170,000 tonnes in the week to Thursday, compared with 226,000 tonnes in the prior week, data from Dutch consultancy Insights Global showed. Gasoline stocks were steady at 1.4 million tonnes.


NEWS - Several Asian refiners are likely to maximize gasoline output from May and reduce gasoil output, cashing in on higher profits for the motor fuel ahead of the peak summer driving season, industry sources and analysts say. - Taiwan's Formosa Petrochemical Corp (FPCC) will increase its refinery run rate in May to around 480,000 barrels per day (bpd), slightly lower than an earlier plan, after completing maintenance, a company spokesperson said on Friday. - Kuwait's recently opened Al Zour refinery has stopped offering very low-sulphur fuel oil (VLSFO) tenders amid a partial shutdown at the complex, trade sources said. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 696.75 -3.25 -0.46 700.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 690.25 -3.25 -0.47 693.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 6.50 0.00 0.00 6.50 <NAF-TYO-D IF> Naphtha Netback FOB 75.42 -0.36 -0.48 75.78 Sing
Naphtha-Brent Crack 51.60 5.67 12.34 45.93 <NAF-SIN-C RK> Gasoline 97 106.49 -1.30 -1.21 107.79 Gasoline 95 103.80 -0.90 -0.86 104.70 Gasoline 92 100.70 -1.30 -1.27 102.00 Gasoline crack 14.68 -0.11 -0.74 14.79 <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 Shailesh Kuber)

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