off-the-wire

Asia Naphtha/Gasoline-Gasoline margin falls for third consecutive day

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, April 26 (Reuters) - Asia's gasoline markets weakened for a third straight session on Wednesday on fears about a rise in supplies from China amid a broader fall in refined oil products recently. The crack slipped to the lowest level since Jan. 10 at $8.78 a barrel over Brent crude oil. However, analysts and traders expect margins to rebound going into the summer driving season. "Despite the spot pressure, some of which may be sentiment-driven like fears about Chinese gasoline exports, we continue to expect cracks to rebound into the summer on seasonal support and octane tightness," analysts at consultancy FGE said in a note. Meanwhile, the naphtha crack tanked by about $17 to $50.48 a tonne due to reduced demand from petrochemical units in the region. INVENTORIES Light distillates stocks at the Fujairah commercial hub declined by 1.692 million barrels to 6.873 million barrels in the week to April 24, S&P Global Commodity Insights data showed. Gasoline inventories in the United States registered a larger-than-expected fall of about 1.9 million barrels, market sources said. NEWS - Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+, the group of leading oil producers, remains an efficient tool for coordination on global oil markets.


- Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. SINGAPORE CASH DEALS Two gasoline trades, no naphtha trades. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 657.75 -19.25 -2.84 677.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 652.50 -19.50 -2.90 672.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 5.25 0.25 5.00 5.00 <NAF-TYO-D IF> Naphtha Netback FOB 71.08 -2.14 -2.92 73.22 Sing
Naphtha-Brent Crack 50.48 -4.40 -8.02 54.88 <NAF-SIN-C RK> Gasoline 97 95.26 -2.75 -2.81 98.01 Gasoline 95 93.80 -2.78 -2.88 96.58 Gasoline 92 89.75 -2.75 -2.97 92.50 Gasoline crack 8.78 -0.77 -8.06 9.55 <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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