Asia Naphtha/Gasoline-Gasoline margins fall below $3/bbl; almost a year's low
Oct 2 (Reuters) -Asia's gasoline margins dipped further on a bleak Wednesday, as lower seasonal demand is having a major impact in the market.
Saudi Aramco emerged as the biggest seller, selling 80% of the total number of barrels of the benchmark grade of octane traded.
The crack fell to $2.79 per barrel over Brent crude, its lowest since Oct. 18, 2023.
In naphtha, the crack inched down to $114.68 per metric ton over Brent crude.
The backwardation between second-half November and second-half December strengthened to $4.
INVENTORIES
Light distillate stocks, including naphtha and gasoline, at the Fujairah commercial hub rose by 514,000 barrels to 5.188 million barrels in the week to Sept. 30, S&P Global Commodity Insights data showed. FUJAIRAH/
Gasoline inventories rose by 437,000 barrels, and distillate stocks fell by 2.67 million barrels, in the week ending Sept. 27, according to market sources citing the American Petroleum Institute. API/S
NEWS
Oil prices climbed more than 2% on Wednesday on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel. Brent LCOc1 futures leapt $1.63, or 2.2%, to $75.19 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 spiked $1.70, or 2.4%, to $71.53. O/R
The Saudi oil minister has said that oil prices could drop to as low as $50 per barrel if OPEC+ members do not stick to agreed-upon production limits, the Wall Street Journal reported on Wednesday citing delegates from the oil producers group.
Major energy companies are set to borrow billions to maintain shareholder payouts or cut the rate of share repurchases in the face of a drop in oil prices after more than two years of bumper profits.
SINGAPORE CASH DEALS O/AS
Six gasoline deals and no naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 678.00 | 33.25 | 644.75 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 674.00 | 32.00 | 642.00 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 4.00 | 1.25 | 2.75 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 73.33 | 3.74 | 69.59 | NAF-SIN |
Naphtha Diff FOB Sing | 0.40 | 0.00 | 0.40 | NAF-SIN-DIF |
Naphtha-Brent Crack ($/mt) | 114.68 | -0.57 | 115.25 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 82.84 | 4.30 | 78.54 | GL97-SIN |
Gasoline 95 ($/bbl) | 82.40 | 4.30 | 78.10 | GL95-SIN |
Gasoline 92 ($/bbl) | 77.90 | 4.30 | 73.60 | GL92-SIN |
Gasoline crack ($/bbl) | 2.79 | -0.21 | 3.00 | 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 Shreya Biswas
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