Asia Naphtha/Gasoline-Gasoline margins recover, MRPL offers Sept loading reformate

Reuters

Asia Naphtha/Gasoline-Gasoline margins recover, MRPL offers Sept loading reformate

2024 9월 2 일, 오전 10:44 GMT

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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