Asia Naphtha/Gasoline-Gasoline margin slips to 6-week low; KPC offers naphtha

Reuters

Asia Naphtha/Gasoline-Gasoline margin slips to 6-week low; KPC offers naphtha

2024 8월 14 일, 오전 11:08 GMT

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SINGAPORE, Aug 14 (Reuters) -Asia's gasoline refining margins extended losses on Wednesday to hit the lowest in more than six weeks as no trade was concluded on the window despite several bids and offers.

The gasoline crack fell to $4.91 per barrel over Brent crude, the lowest since June 28, down from $5.44 on Tuesday.

For naphtha, the crack improved slightly, up $1.30 to $75.85 a metric ton over Brent crude, but the spread between second-half September and second-half October narrowed to $1 a ton in backwardation.

Kuwait Petroleum Co (KPC) offered 4,000 tons of full range naphtha and 20,000 tons of light naphtha for Sept. 8-9 loading, a trader said. The producer also offered 25,000 tons of full range naphtha for Sept. 10-11 loading, he added. The tender will close on Aug. 15 with bids valid on the same day.

South Korean cracker operator YNCC closed on Wednesday a tender seeking 25,000 tons of light naphtha for first-half October loading, a trader said.

In Fujairah, light distillates stocks rose for the first time in four weeks to 6.154 million barrels for the week ended Aug. 12, according to industry information service S&P Global Commodity Insights.

NEWS

U.S. crude oil inventories on average fell by 2.2 million barrels in the week to Aug. 9, analysts said. Analysts estimated stockpiles of gasoline USOILG=ECI fell by about 1.4 million barrels last week, while distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have decreased by about 600,000 barrels.

Indonesian state energy firm Pertamina is expected to complete a revamp of its largest refinery at Balikpapan on the island of Borneo in September next year to be able to produce cleaner fuels, the company's refining subsidiary said.

Russia's seaborne oil product exports in July rose to 9.289 million metric tons, up 1.1% month on month, data from industry sources showed.

SINGAPORE CASH DEALS O/AS

No deals.

PRICES

CASH	ASIA CLOSE	Change	Prev Close	RIC
OSN Naphtha CFR Japan M1 ($/mt)	683.50	-5.00	688.50	NAF-1H-TYO
OSN Naphtha CFR Japan M2 ($/mt)	682.50	-2.00	684.50	NAF-2H-TYO
OSN Naphtha Diff ($/mt)	1.00	-3.00	4.00	NAF-TYO-DIF
Naphtha Netback FOB Sing ($/bbl)	73.94	-0.51	74.45	NAF-SIN
Naphtha Diff FOB Sing	0.40	0.00	0.40	NAF-SIN-DIF
Naphtha-Brent Crack ($/mt)	75.85	0.50	75.35	NAF-SIN-CRK
Gasoline 97 ($/bbl)	92.00	-1.37	93.37	GL97-SIN
Gasoline 95 ($/bbl)	91.25	-1.37	92.62	GL95-SIN
Gasoline 92 ($/bbl)	85.93	-1.37	87.30	GL92-SIN
Gasoline crack ($/bbl)	4.91	-0.53	5.44	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