Asia Naphtha/Gasoline-Naphtha crack falls, MRPL offers H1 Oct loading reformate
Sept 19 (Reuters) -Asia's naphtha market lost steam on Thursday as the crack fell, after rising in the previous session.
The crack fell $4.80 to $104.48 per metric ton over Brent crude.
Discussing the margins, a regional naphtha trader said he views that the naphtha crack "is close to the floor and may not go down in the short term".
The backwardation between first-half November and first-half December narrowed to $4.50, indicating a weaker market, after holding steady at $5.50 for three straight sessions.
In gasoline market, the margins rose to $6.73 per barrel above Brent crude from $5.97 on Wednesday.
The crack rose to an almost two-week high, where it last hit $7.02 on Aug. 6. The 92-octane gasoline breached the $80 mark to trade at $81.20.
In gasoline tenders, Mangalore's MRPL was heard offering 75,000 metric tons of reformate for Oct. 10-11 loading, the company website stated. The tender closes on Sept. 20.
NEWS
Oil prices rose on Thursday after a large interest-rate cut from the U.S. Federal Reserve, but Brent was still hovering around its lowest levels of the year, below $75, on expectations of weaker global demand.
Brent crude futures LCOc1 for November were up 81 cents to $74.46 a barrel. WTI crude futures CLc1 for October were also up, rising 75 cents to $71.66 a barrel. O/R
Saudi Arabia's crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country's oil exports stood at 5.741 million barrels per day (bpd) in July, their lowest level since August 2023. Saudi Arabia is the world's largest exporter of crude.
INVENTORIES
U.S. gasoline stocks USOILG=ECI rose 100,000 barrels to 221.6 million barrels in the week ending Sept. 13, the Energy Information Administration (EIA) said in its report. Distillate stockpiles USOILD=ECI, rose 100,000 barrels to 125.1 million barrels, versus expectations for a 600,000-barrel rise, the EIA added. EIA/S
Singapore light distillates stocks fell to 1.014 million barrels to a six week low of 14.085 million barrels in the week ended Sept. 18, Enterprise Singapore said in its report. O/SING
SINGAPORE CASH DEALS O/AS
One gasoline deal and no naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 663.00 | 6.75 | 656.25 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 658.50 | 7.75 | 650.75 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 4.50 | -1.00 | 5.50 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 71.67 | 0.80 | 70.87 | NAF-SIN |
Naphtha Diff FOB Sing | 0.40 | 0.00 | 0.40 | NAF-SIN-DIF |
Naphtha-Brent Crack ($/mt) | 104.48 | -4.80 | 109.28 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 86.14 | 2.30 | 83.84 | GL97-SIN |
Gasoline 95 ($/bbl) | 85.80 | 2.30 | 83.50 | GL95-SIN |
Gasoline 92 ($/bbl) | 81.20 | 2.30 | 78.90 | GL92-SIN |
Gasoline crack ($/bbl) | 6.73 | 0.76 | 5.97 | 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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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
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