off-the-wire

Asia Naphtha/Gasoline-Naphtha crack jumps, gasoline falls below $10/bbl

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, April 20 (Reuters) - Asia's naphtha refining margin jumped on Thursday after crude oil prices slumped to a three-week low, although demand remained tepid for the product as petrochemical units preferred cheaper alternative feedstock liquefied petroleum gas (LPG), traders said. The naphtha crack rose by $13.23 to $50.25 a tonne over Brent crude. On Thursday, the first-half June naphtha traded $6 higher than the following month. In physical markets, there were no trades for naphtha. Energy trader Vitol snapped up 100,000 barrels of the benchmark grade of gasoline. Unipec bought 50,000 barrels of the same grade of the fuel. The gasoline crack fell below $10 per barrel in tandem with crude oil amid chatter around a fresh batch of export quotas for a Chinese seller. China may cut quotas for refined oil products exports in a second batch for 2023 as domestic demand improves while the need to boost its economy through oil products abates, a Reuters survey showed. INVENTORIES Singapore light distillates stocks dropped by 924,000 barrels to a two-week low of 15.015 million barrels in the week to April 19, government data showed. NEWS - Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at Karachi port in May. - Oil prices fell to their lowest in about three weeks on Thursday, depressed by a firmer dollar and rate hike expectations which outweighed lower U.S. crude stocks. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 665.25 1.75 0.26 663.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 659.25 1.75 0.27 657.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 6.00 0.00 0.00 6.00 <NAF-TYO-D IF> Naphtha Netback FOB 71.92 0.20 0.28 71.72 Sing
Naphtha-Brent Crack 50.25 13.22 35.70 37.03 <NAF-SIN-C RK> Gasoline 97 97.23 -3.75 -3.71 100.98 Gasoline 95 95.74 -3.75 -3.77 99.49 Gasoline 92 91.65 -3.75 -3.93 95.40 Gasoline crack 9.65 -2.22 -18.70 11.87 <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)

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.