off-the-wire

Asia Naphtha/Gasoline-Naphtha margin falls, gasoline rises

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 3 (Reuters) - Asian naphtha prices dropped on Wednesday amid weak demand from petrochemical operators and high competition from rival feedstock liquefied petroleum gas (LPG), while a slump in crude oil prices also soured market sentiment. The crack was down about $9 at $30.82 a tonne over Brent crude oil, while the second-half June naphtha slumped by $46 to $586.50 a tonne. On the supply side, total naphtha flows into Asia dropped by 8% to 5.5-5.6 million tonnes in April, tumbling to the lowest level since June 2022, assessments by Refinitiv Oil Research showed. Meanwhile, the gasoline crack inched higher by 23 cents to $9.51 a barrel over Brent crude on Wednesday, but trade remained subdued due to public holidays. NEWS - Oil prices extended losses on Wednesday after plunging 5% in the previous session as investors fretted about the health of the U.S. economy ahead of an expected Federal Reserve interest rate hike later in the day. - A second oil tanker in a week was seized by Iran on Wednesday in Gulf waters, the U.S. Navy said, the latest escalation in a series of seizures or attacks on commercial vessels in Gulf waters since 2019. - Rail deliveries to Russia's Black Sea port of Taman will be restricted until further notice, Russian Railways said on its website, after Russian officials said a fuel depot had caught fire near a crucial bridge linking mainland Russia to Crimea. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 586.50 -46.00 -7.27 632.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 582.50 -46.00 -7.32 628.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 4.00 0.00 0.00 4.00 <NAF-TYO-D IF> Naphtha Netback FOB 63.17 -5.11 -7.48 68.28 Sing
Naphtha-Brent Crack 30.82 -9.03 -22.66 39.85 <NAF-SIN-C RK> Gasoline 97 89.00 -4.80 -5.12 93.80 Gasoline 95 87.55 -4.80 -5.20 92.35 Gasoline 92 83.60 -4.70 -5.32 88.30 Gasoline crack 9.51 0.23 2.48 9.28 <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 Savio D'Souza)

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