Asia Naphtha/Gasoline-Gasoline crack falls to three-week low as demand outpaces supply
Oct 25 (Reuters) -Asia's gasoline margins dipped to a three-week low on Friday as the slide in demand outpaced supply, with the downside capped by some refinery outages in the region.
The crack dipped to $2.95 per barrel over Brent crude, its lowest since Oct. 2.
Regional traders shared that the decline in supply can be attributed to China amid cuts in refinery run rates.
Against the backdrop of a sluggish economy, China's refinery output in September fell 5.4% on-year, the sixth consecutive month of decline, an LSEG added.
In naphtha, the margins dipped by $11.01 to $103.38 per metric ton over Brent crude, its lowest since Sept. 25.
NEWS
Oil prices nudged higher on Friday and are on track for a weekly gain of more than 1%, as tensions in the world's top oil-producing region, the Middle East, and a restart in Gaza ceasefire talks in the coming days kept traders on edge. O/R
Indian refiner Hindustan Petroleum HPCL.NS reported an eight-fold drop in second-quarter profit on Friday, hurt by lower marketing margins.
Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 5% to 1.101 million tons in the week to Oct. 24, data from Dutch consultancy Insights Global showed. Naphtha stocks fell to 590,000 tons from prior weeks 596,000 tons. ARA/
SINGAPORE CASH DEALS O/AS
Two gasoline deals and one naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 673.75 | -11.00 | 684.75 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 667.75 | -11.00 | 678.75 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 6.00 | 0.00 | 6.00 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 72.86 | -1.17 | 74.03 | NAF-SIN |
Naphtha Diff FOB Sing | 0.40 | 0.00 | 0.40 | NAF-SIN-DIF |
Naphtha-Brent Crack ($/mt) | 103.38 | -11.00 | 114.38 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 84.04 | -1.65 | 85.69 | GL97-SIN |
Gasoline 95 ($/bbl) | 84.60 | -1.65 | 86.25 | GL95-SIN |
Gasoline 92 ($/bbl) | 79.00 | -1.15 | 80.15 | GL92-SIN |
Gasoline crack ($/bbl) | 2.95 | -1.15 | 4.10 | 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 Shailesh Kuber
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