off-the-wire

Asia Naphtha/Gasoline-Naphtha margins plunges 92% on week, gasoline down 5%

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 5 (Reuters) - Asia's naphtha markets tanked by 92% this week amid poor petrochemical feedstock demand and rising supplies from Russia, while volatility in crude oil benchmarks also dented market sentiment. The crack fell to $36.53 a tonne on Friday, compared with $37.73 a tonne a day earlier, although the price of first-half June naphtha was steady for a second straight day in the absence of window deals. In gasoline markets, Unipec and PetroChina bought a cargo each for octane-92 and octane-95 grade of motor fuel, market participants said. The gasoline crack was down about 5% on the week at $8.67 a barrel over Brent crude oil on Friday. Asia's reforming margin, or gasoline's premium against naphtha, rose to $18.83 a barrel on Friday from $18.38 a day earlier. NEWS - Oil prices rose on Friday but were poised for a third straight week of losses after markets registered dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. - Saudi Arabia, the world's top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months, following a plunge in refining margins.


- The Abu Dhabi National Oil Company (ADNOC) has informed at least three buyers in Asia that it will supply full contractual volumes of crude in July, steady from the previous month, trade sources said on Friday.
PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 586.50 0.00 0.00 586.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 582.50 0.00 0.00 582.50 <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 0.00 0.00 63.17 Sing
Naphtha-Brent Crack 3.51 -34.22 -90.70 37.73 <NAF-SIN-C RK> Gasoline 97 87.40 0.45 0.52 86.95 Gasoline 95 85.95 0.45 0.53 85.50 Gasoline 92 82.00 0.45 0.55 81.55 Gasoline crack 8.67 0.29 3.46 8.38 <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 Eileen Soreng)

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