off-the-wire

Asia Naphtha/Gasoline-Gasoline margin down for a second straight week in May

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 12 (Reuters) - Asia's gasoline markets ended the week over 4% down, extending losses from last week, as build up at key trading hubs of Singapore, Middle East and Europe offset gains arising from a larger-than-expected fall in U.S. inventories. The gasoline refining profit margin in the region rose by 26 cents to $8.27 a barrel on Friday, although volatility in crude oil benchmarks kept the sentiment cautious. Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub rose nearly 9% to 1.43 million tonnes in the week to May 11 as exports to the United States and West Africa slowed, data from Dutch consultancy Insights Global showed. Naphtha stocks rose to 263,000 tonnes in the week to Thursday from 229,000 tonnes in the prior week. Light distillate stocks in ARA are at their highest level since mid-March and are almost 4 million barrels higher than the 2015-19 range for this time of the year, according to estimates by consultancy FGE. The latest weekly increase in ARA was the biggest since mid-August 2022, FGE said in a note.


NEWS - OPEC's global oil demand forecast for 2023 was held steady for a third month on Thursday, with the producer group citing the potential Chinese growth to be offset by downside economic risks elsewhere such as the U.S. debt ceiling. - Oil prices slipped on Friday, heading for a fourth weekly decline, as renewed economic concerns in the United States and China revived concern about fuel demand growth in the world's two largest oil consumers. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 590.75 -14.00 -2.32 604.75 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 588.25 -14.00 -2.32 602.25 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 2.50 0.00 0.00 2.50 <NAF-TYO-D IF> Naphtha Netback FOB 63.64 -1.55 -2.38 65.19 Sing
Naphtha-Brent Crack 32.15 4.45 16.06 27.70 <NAF-SIN-C RK> Gasoline 97 88.82 -2.21 -2.43 91.03 Gasoline 95 87.42 -2.21 -2.47 89.63 Gasoline 92 82.75 -2.20 -2.59 84.95 Gasoline crack 8.27 0.26 3.25 8.01 <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 Varun H K)

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