off-the-wire

Asia Naphtha/Gasoline-Naphtha crack inches higher, gasoline down

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 8 (Reuters) - Asia's naphtha refining profit margin rebounded slightly on Monday after dropping by 92% last week, but price economics remained skewed towards alternative feedstock liquefied petroleum gas (LPG) at petrochemical units. The crack rose by $2.58 to $39.10 a tonne over Brent crude. On Monday, the second-half June naphtha traded $4 per tonne higher than the following month. "Naphtha cracking margins are set to remain lower year-on-year through the second half this year because we expect crude prices to rise by then as stocks tighten," analysts at consultancy Energy Aspects said in a note. This should buoy naphtha's flat price, while downstream demand and prices will see limited upside through the summer, they added.


Meanwhile, the gasoline crack was down by 27 cents at $8.43 a barrel over Brent crude. In physical markets, energy traders Unipec and Vitol snapped a cargo each of the octane-95 grade of gasoline. TENDERS India's MRPL offered 35,000 tonnes of octane-95 gasoline for May 23-25 loading in a tender that closes on Monday with same-day validity.


Taiwan's CPC offered 33,000 tonnes of catalytic cracked spirit for June spot sale loading for Kaohsiung Port in a tender that closes on May 9. The tender will be awarded on May 11, the company said in the tender document.


NEWS - India should ban the use of diesel-powered four-wheeler vehicles by 2027 and switch to electric and gas-fuelled vehicles in cities with more than a million people and polluted towns in order to cut emissions, an oil ministry panel is recommending. - India's fuel consumption, a proxy for oil demand, was down around 0.3% year on year in April to about 18.41 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 612.25 25.75 4.39 586.50 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 608.25 25.75 4.42 582.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 4.00 0.00 0.00 4.00 <NAF-TYO-D IF> Naphtha Netback FOB 66.03 2.86 4.53 63.17 Sing
Naphtha-Brent Crack 39.10 35.10 877.50 4.00 <NAF-SIN-C RK> Gasoline 97 90.25 2.85 3.26 87.40 Gasoline 95 88.80 2.85 3.32 85.95 Gasoline 92 84.85 2.85 3.48 82.00 Gasoline crack 8.43 -0.24 -2.77 8.67 <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 Shailesh Kuber)

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