Asia Naphtha/Gasoline-Gasoline eases, naphtha backwardation shrinks to 50 cents
SINGAPORE, July 30 (Reuters) -Asia's gasoline refining profit margin eased on Tuesday amid speculations around new batch of fuel export quotas from China, traders and analysts said.
The crack declined to $8.90 per barrel over Brent crude from $9.73 a day earlier.
In tenders, India's MRPL sold 35,000 tons of reformate to energy trader Glencore, market participants said. The refiner also issued a tender to sell another 35,000 tons of reformate for loading during August 18-20, they added. The tender closes on Tuesday.
In naphtha market, the crack dropped by about $10 to $53.88 per metric ton over Brent crude on Tuesday. The backwardation between the first-half September and the first-half October naphtha price narrowed to 50 cents.
In tenders, India's HPCL offered 23,000 tons of naphtha for loading during August 10-13 from Mumbai port, traders said.
NEWS
- Japan's largest refiner, Eneos Corp, restarted the 129,000 barrel-per-day crude distillation unit at its Chiba refinery near Tokyo on July 28 after fixing a system problem, a company spokesperson said on Tuesday. REF/OUT
- Oil prices slipped in early Asian trading on Tuesday, extending losses from the previous session, over concerns about Chinese demand and as the market shrugged off the risk of conflict escalating in the Middle East. O/R
- BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of $2.76 billion, with weak refining offset by stronger oil prices and retail.
SINGAPORE CASH DEALS O/AS
Two gasoline deals.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 673.00 | -12.50 | 685.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 672.00 | -11.50 | 683.50 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 1.00 | -1.00 | 2.00 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 72.78 | -1.34 | 74.12 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 53.88 | -3.65 | 64.23 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 95.37 | -0.10 | 95.47 | GL97-SIN |
Gasoline 95 ($/bbl) | 94.62 | -0.10 | 94.72 | GL95-SIN |
Gasoline 92 ($/bbl) | 90.90 | 0.15 | 90.75 | GL92-SIN |
Gasoline crack ($/bbl) | 9.73 | 1.33 | 8.40 | 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 and Mohi Narayan; Editing by Mrigank Dhaniwala
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