Asia Naphtha/Gasoline-Gasoline and naphtha margins fall flat
SINGAPORE, Dec 16 (Reuters) -Asia's gasoline margins dipped on Monday, after gaining for four consecutive sessions.
Sietco was the most active buyer at the closing window, purchasing 250,000 barrels of the benchmark grade of octane out of the total of 350,000 barrels of 92-octane gasoline that were traded.
The crack dipped to $9.05 per barrel over Brent crude, from $10.01 on Friday.
In naphtha, the margins continued its dip shedding $5.58 to $90.63 per metric ton over Brent crude.
The backwardation between first-half February and first-half March narrowed to $5.50.
An LSEG report said it expects naphtha market fundamentals to firm up slightly amid expectations of rising demand from new Chinese cracking capacity due to come online early next year and a firmer gasoline complex in recent weeks.
NEWS
Oil futures dropped from their highest levels in weeks on Monday, pressured by weaker than expected consumer spending in China, the world's largest oil importer. O/R
China's refinery throughput in November recorded its first rise in eight months, official data showed on Monday, as Beijing's economic stimulus measures began to underpin manufacturing activity and oil demand.
The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said.
SINGAPORE CASH DEALS O/AS
Three gasoline deals and no naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 647.50 | -0.25 | 647.75 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 642.00 | 0.50 | 641.50 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 5.50 | -0.75 | 6.25 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 69.94 | 0.02 | 69.92 | NAF-SIN |
Naphtha Diff FOB Sing | 0.40 | 0.00 | 0.40 | NAF-SIN-DIF |
Naphtha-Brent Crack ($/mt) | 90.63 | -5.57 | 96.20 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 86.54 | -0.25 | 86.79 | GL97-SIN |
Gasoline 95 ($/bbl) | 87.20 | -0.25 | 87.45 | GL95-SIN |
Gasoline 92 ($/bbl) | 83.30 | -0.25 | 83.55 | GL92-SIN |
Gasoline crack ($/bbl) | 9.05 | -0.96 | 10.01 | GL92-SIN-CRK |
For a list of derivatives prices, including margins, please double click the RICs below. | ||||
Brent M1 | BRENTSGMc1 | |||
Naphtha CFR Japan M1 | NACFRJPSWMc1 | |||
Naphtha CFR Japan M1/M2 | NACFRJPSDMc1 | |||
Naphtha CFR Japan M2 | NACFRJPSWMc2 | |||
Naphtha Japan-Sing Netback M1 | NAPTC4SPDMc1 | |||
Naphtha Japan-Sing Netback M2 | NAPTC4SPDMc2 | |||
Naphtha FOB Sing M1 | NAFOBSGSWMc1 | |||
Naphtha FOB Sing M1/M2 | NAFOBSGSDMc1 | |||
Naphtha FOB Sing M2 | NAFOBSGSWMc2 | |||
Naphtha Cracks M1 | NACFRJPCKMc1 | |||
East-West Naphtha M1 | NAPJPEWMc1 | |||
East-West Naphtha M2 | NAPJPEWMc2 | |||
NWE Naphtha M1 | NAPCNWEAMc1 | |||
NWE Naphtha M1/M2 | NAPCNWEASMc1 | |||
NWE Naphtha M2 | NAPCNWEAMc2 | |||
Crack NWE Naphtha-Brent M1 | NAPCNWEACMc1 | |||
Crack NWE Naphtha-Brent M2 | NAPCNWEACMc2 | |||
*Sing refers to Singapore | ||||
Reporting by Haridas; Editing by Shailesh Kuber
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