off-the-wire

Asia Naphtha/Gasoline-Gasoline margin up but stays below $8/bbl

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 10 (Reuters) - Asia's gasoline margin rebounded on Wednesday after falling for two straight sessions, although market sentiment remained negative due to a surprise build in U.S. stocks. The crack rose by 74 cents to $7.75 a barrel over Brent crude. The naphtha crack, on the other hand, declined by about $7 to $32.20 a tonne. At the Singapore window, energy trader Unipec bought 50,000 barrels of the higher octane-95 grade of motor fuel. There were three offers for naphtha but in the absence of any bidder, there were no trades. "The market remains cautious while waiting for China's second batch of fuel export quotas. Gasoline exports from the country have stayed elevated at around 250,000 barrels per day in recent weeks," analysts at consultancy FGE wrote in a note.


There could be more destocking in the coming weeks as the peak travel period has ended, they added.


INVENTORIES U.S. gasoline inventories rose by 399,000 barrels, market sources said, against expectations of a fall by about 1.2 million barrels. NEWS - GAIL (India) Ltd, the country's top gas supplier, plans to build a 400-billion rupee ($4.89 billion) ethane cracker near its liquefied natural gas (LNG) import plant in Western India, two sources with direct knowledge of the matter said, as it seeks to meet an expected surge in demand.


- Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited inflation data for a steer on U.S. interest rates. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 604.00 -6.00 -0.98 610.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 601.00 -5.50 -0.91 606.50 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 3.00 -0.50 -14.29 3.50 <NAF-TYO-D IF> Naphtha Netback FOB 65.11 -0.67 -1.02 65.78 Sing
Naphtha-Brent Crack 32.20 -7.20 -18.27 39.40 <NAF-SIN-C RK> Gasoline 97 90.08 1.58 1.79 88.50 Gasoline 95 88.68 1.63 1.87 87.05 Gasoline 92 84.00 0.90 1.08 83.10 Gasoline crack 7.76 0.74 10.54 7.02 <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 Shilpi Majumdar)

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