Asia Naphtha/Gasoline-Naphtha margin slips, gasoline steady

NEW DELHI, April 24 (Reuters) - Asia's refining profit margin for naphtha fell on Monday as lower prices of alternative feedstock liquefied petroleum gas hit demand sentiment, traders said. Steam crackers in Asia can typically switch between 10% and 20% of naphtha to alternative feedstock LPG whenever prices are low. The naphtha crack declined by $1 to $58.40 a tonne over Brent crude, and backwardation also narrowed by $1 per tonne. On Monday, the first-half June naphtha traded $5 a tonne higher than the following month. Gasoline markets were steady below $10 a barrel in the absence of any deals at the Singapore window. There were two bids with no corresponding offers for the fuel. TENDERS Pakistan's PSO issued a series of tenders seeking benchmark grade and combination cargoes of gasoline for July delivery, tender data showed.

NEWS - OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year.

- Iran has set the official selling price (OSP) of its Iranian Light crude oil grade for its Asian buyers at $2.80 a barrel above the Oman/Dubai average for May, an industry source with knowledge of the matter said. - Indian companies "sometimes" face delays in paying for Russian oil priced above the $60 cap per barrel fixed by the Western nations, India's oil secretary Pankaj Jain said. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 668.00 0.50 0.07 667.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 663.00 1.50 0.23 661.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 5.00 -1.00 -16.67 6.00 <NAF-TYO-D IF> Naphtha Netback FOB 72.22 0.05 0.07 72.17 Sing
Naphtha-Brent Crack 58.40 -1.00 -1.68 59.40 <NAF-SIN-C RK> Gasoline 97 96.71 0.39 0.40 96.32 Gasoline 95 95.28 0.39 0.41 94.89 Gasoline 92 91.20 0.40 0.44 90.80 Gasoline crack 9.92 0.20 2.06 9.72 <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 Subhranshu Sahu)

Reuters

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Asia Naphtha/Gasoline-Naphtha margin slips, gasoline steady

By Reuters

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