off-the-wire

Asia Naphtha/Gasoline-Gasoline margin rises as U.S. stocks fall

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 11 (Reuters) - Asia's gasoline refining profit margin rose for a second consecutive session on Thursday after U.S. stocks posted a bigger-than-expected fall, and China reduced its second batch of 2023 fuel export quotas. The crack climbed to $8.01 a barrel over Brent crude, compared with $7.76 a barrel a day earlier. Market sentiment was also supported by expectation of firm demand in the summer driving season, traders said. China's export volumes, comprising 9 million tonnes of refined products and 3 million tonnes of marine fuel, is smaller than the first batch of 18.99 million tonnes in early January, according to two refining sources and consultancies Longzhong and JLC. The smaller export quota comes as refiners stockpile products amid expectations of strong demand for gasoline and diesel in the peak summer season. In physical markets, energy trader Unipec bought 50,000 barrels of the higher octane-95 grade of gasoline. INVENTORIES U.S. gasoline stocks fell 3.2 million barrels last week to 219.7 million barrels, the EIA said, exceeding analysts' expectations for a 1.2 million-barrel drop. Singapore light distillate stocks rose by 1.171 million barrels to a seven-week high of 16.723 million barrels in the week to May 10, Enterprise Singapore data showed. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 604.75 0.75 0.12 604.00 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 602.25 1.25 0.21 601.00 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 2.50 -0.50 -16.67 3.00 <NAF-TYO-D IF> Naphtha Netback FOB 65.19 0.08 0.12 65.11 Sing
Naphtha-Brent Crack 27.70 -4.50 -13.98 32.20 <NAF-SIN-C RK> Gasoline 97 91.03 0.95 1.05 90.08 Gasoline 95 89.63 0.95 1.07 88.68 Gasoline 92 84.95 0.95 1.13 84.00 Gasoline crack 8.01 0.25 3.22 7.76 <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 Subhranshu Sahu)

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