Asia Naphtha/Gasoline-Gasoline margins recover, MRPL offers Sept loading reformate
Sept 2 (Reuters) -Asia's gasoline margins recoveredon Monday after slumping last weekas 300,000 barrels of the benchmark octane gradeexchanged hands on thewindow.
The crack was at $5.01 per barrel over Brent crude, upfrom $3.73 on Friday.
In tenders, MRPL offered 35,000 metric tons of reformate for Sept. 19-20 loading, the company said on its website.The tender closes on Sept. 2.
Pakistan's PSO is seeking 92-octane gasoline on a cost and freight basis for delivery from Oct.13-20, the company said in a document. The tender closes on Sept. 9.
In the naphtha market, margins rose by $5.09 to $87.57 per metric ton over Brent crude. This is amid broadly steady inbound supplies to Asiaand aslight uptick in downstream olefins margins, but the upside remained capped by a few ongoing outages at ethylene crackers across the region, according to an LSEG Oil Research report.
The backwardation between second-half October and second-half November widened to $6 a ton, indicating tightening supply.
LSEG data showedEastbound arbitrage flows closed some 6% lower on-month to 1.6-1.7 million metric tons in Augustversus the previous month's high of nearly 1.8 million tons.The drop was underpinned by a steep fall in Russian arrivals, LSEG said.
LSEGexpects naphtha demand to remain under pressure owing to looming cracker maintenance in Asia planned this month. The turnaround periods are expected to last around 50-65 days, suggesting an estimated 450,000-500,000 mt/month of combined naphtha demand could be wiped out, it added.
NEWS
Oil prices extended losses on Monday on expectations of higher OPEC+ production from October, while signs of sluggish demand in China and the United States raised concerns about future consumption growth. Brent crude futures LCOc1 were down 21 cents, at $76.72 a barrel, while U.S. West Texas Intermediate crude CLc1 slipped 14 cents to $73.41. O/R
Chinese state-backed oil and chemicals company Sinochem is planning to sell its 40% stake in a U.S. shale joint venture with oil major Exxon Mobil XOM.N, valued upwards of $2 billion, people familiar with the matter told Reuters.
SINGAPORE CASH DEALS O/AS
Six gasoline trades and no naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 663.50 | -21.00 | 684.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 657.50 | -21.50 | 679.00 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 6.00 | 0.50 | 5.50 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 71.72 | -2.29 | 74.01 | NAF-SIN |
Naphtha Diff FOB Sing | 0.40 | 0.00 | 0.40 | NAF-SIN-DIF |
Naphtha-Brent Crack ($/mt) | 87.57 | 5.09 | 82.48 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 86.74 | -2.20 | 88.94 | GL97-SIN |
Gasoline 95 ($/bbl) | 85.41 | -2.20 | 87.61 | GL95-SIN |
Gasoline 92 ($/bbl) | 81.80 | -2.20 | 84.00 | GL92-SIN |
Gasoline crack ($/bbl) | 5.01 | 1.28 | 3.73 | 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 | |||
NEW Naphtha M1 | NAPCNWEAMc1 | |||
NEW Naphtha M1/M2 | NAPCNWEASMc1 | |||
NEW Naphtha M2 | NAPCNWEAMc2 | |||
Crack NEW Naphtha-Brent M1 | NAPCNWEACMc1 | |||
Crack NEW Naphtha-Brent M2 | NAPCNWEACMc2 | |||
*Sing refers to Singapore | ||||
Reporting by Haridas; Editing by Sonia Cheema
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
