off-the-wire

Asia Naphtha/Gasoline-Gasoline crack rises, naphtha at over 4-month low

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, May 15 (Reuters) - Asia's gasoline market extended gains on Monday amid expectations of firm summer season demand. The crack rose to $8.59 a barrel over Brent crude, compared with $8.27 a barrel in the previous session, although muted trading activity at the Singapore window limited the upside. The naphtha crack, on the other hand, plunged by about $11 to the lowest level since Jan. 3 to $21.43 a tonne on Monday amid tepid demand. The second-half June naphtha traded $2 higher than the following month. East-West arbitrage remained closed. "We still do not expect arbitrage from the Mediterranean to Asia to reopen, particularly with our supportive view of clean freight rates through summer and Russian naphtha supply in Asia," consultancy Energy Aspects said in a note.


Meanwhile, Asia's reforming margin, or gasoline's premium against naphtha, jumped to $20.61 a barrel on Monday from $19.11 a day earlier. NEWS - Kuwait's newest refinery Al Zour has issued its first tender for fuel oil sales following a near eight-week hiatus, trade sources said on Monday, after a partial shutdown halted spot sales at the complex. - Oil prices were steady on Monday as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves competed with concerns about fuel demand in the top global oil consumers, the United States and China. SINGAPORE CASH DEALS No gasoline deals, no naphtha trades. PRICES
CASH ($/T) ASIA CLOSE Change % Prev RIC Change Close
OSN Naphtha CFR 579.50 -11.25 -1.90 590.75 <NAF-1H-TY Japan M1 O> OSN Naphtha CFR 577.50 -10.75 -1.83 588.25 <NAF-2H-TY Japan M2 O> OSN Naphtha Diff 2.00 -0.50 -20.00 2.50 <NAF-TYO-D IF> Naphtha Netback FOB 62.39 -1.25 -1.96 63.64 Sing
Naphtha-Brent Crack 21.43 -10.72 -33.34 32.15 <NAF-SIN-C RK> Gasoline 97 89.07 0.25 0.28 88.82 Gasoline 95 87.67 0.25 0.29 87.42 Gasoline 92 83.00 0.25 0.30 82.75 Gasoline crack 8.59 0.32 3.87 8.27 <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 Rashmi Aich)

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