Asia Naphtha/Gasoline-Gasoline margin slips to 6-week low; KPC offers naphtha
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 $1 a ton in backwardation.
Kuwait Petroleum Co (KPC) offered 4,000 tons of full range naphtha and 20,000 tons of light naphtha for Sept. 8-9 loading, a trader said. The producer also offered 25,000 tons of full range naphtha for Sept. 10-11 loading, he added. The tender will close on Aug. 15 with bids valid on the same day.
South Korean cracker operator YNCC closed on Wednesday a tender seeking 25,000 tons of light naphtha for first-half October loading, a trader said.
In Fujairah, light distillates stocks rose for the first time in four weeks to 6.154 million barrels for the week ended Aug. 12, according to industry information service S&P Global Commodity Insights.
NEWS
U.S. crude oil inventories on average fell by 2.2 million barrels in the week to Aug. 9, analysts said. Analysts estimated stockpiles of gasoline USOILG=ECI fell by about 1.4 million barrels last week, while distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have decreased by about 600,000 barrels.
Indonesian state energy firm Pertamina is expected to complete a revamp of its largest refinery at Balikpapan on the island of Borneo in September next year to be able to produce cleaner fuels, the company's refining subsidiary said.
Russia's seaborne oil product exports in July rose to 9.289 million metric tons, up 1.1% month on month, data from industry sources showed.
SINGAPORE CASH DEALS O/AS
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PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/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 | ||||
Reporting by Haridas; Editing by Emelia Sithole-Matarise
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