Asia Naphtha/Gasoline-Gasoline margins dip; naphtha backwardation narrows
SINGAPORE, Nov 13 (Reuters) -Asia's gasoline margins dipped to an almost two-week low even as 250,000 barrels of 92-octane gasoline exchanged hands at the closing window.
The crack dipped to $4.32 per barrel over Brent crude, its lowest since Nov. 1.
South Korea's SK Energy International emerged as the most active seller, offering 80% of the total sales of 92-octane gasoline conducted today.
In naphtha, the margins dipped by $2.68 to $96.15 per metric ton over Brent crude.
The backwardation between second-half December and second-half January narrowed to $1.50.
At the Fujairah commercial hub, light distillate stocks, including naphtha and gasoline, rose by 75,000 barrels to 6.001 million barrels in the week ending Nov. 11, S&P Global Commodity Insights data showed. FUJAIRAH/
NEWS
Oil prices inched higher on Wednesday, underpinned by signs of near-term supply tightness but held near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025. O/R
U.S. oil and gas firm Occidental Petroleum OXY.N beat Wall Street estimates for third-quarter profit on Tuesday, but overall earnings fell 14% on losses from asset sales and a drop in chemical results.
SINGAPORE CASH DEALS O/AS
Five gasoline deals and four naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 636.00 | -2.75 | 638.75 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 634.50 | -1.75 | 636.25 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 1.50 | -1.00 | 2.50 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 68.67 | -0.25 | 68.92 | NAF-SIN |
Naphtha Diff FOB Sing | 0.40 | 0.00 | 0.40 | NAF-SIN-DIF |
Naphtha-Brent Crack ($/mt) | 96.15 | -2.68 | 98.83 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 81.34 | -0.40 | 81.74 | GL97-SIN |
Gasoline 95 ($/bbl) | 81.90 | -0.40 | 82.30 | GL95-SIN |
Gasoline 92 ($/bbl) | 76.30 | -0.40 | 76.70 | GL92-SIN |
Gasoline crack ($/bbl) | 4.32 | -0.39 | 4.71 | 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 Vijay Kishore
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