Asia Naphtha/Gasoline-Gasoline crack rises but stays below $7 per barrel
SINGAPORE, Aug 8 (Reuters) -Asia's gasoline refining profit margin rose on Thursday, but remained below $7 per barrel as a surprise build in U.S. stocks weighed on demand sentiment, analysts said.
The crack traded at $6.50 per barrel over Brent crude, up from $5.42 on Wednesday.
Singapore markets closed early on account of a public holiday on Friday.
In the naphtha market, the refining profit margin rose by $1.10 to $87 a metric ton over Brent crude in a steady backwardation of $4.50 a ton.
In deals, South Korea's GS Caltex bought first-half September cargo of naphtha at a premium of $20-$24 per ton to MOPJ, a Dubai-based trader said.
Meanwhile, Middle Eastern traders Duqm and SOMO sold second-half September cargoes at a premium of $11.9 per ton and $21 per ton, respectively, to MOPJ, a Singapore-based trader said.
NEWS
- Singapore oil products inventory data is due later in the day. O/SING
- Gasoline stocks USOILG=ECI rose by 1.3 million barrels in the week to 225.1 million barrels, the EIA said, compared with expectations for a 1 million-barrel draw.
- Oil prices edged higher for a third straight session over market anxiety about supply risks. Brent crude futures LCOc1 rose 6 cents, or 0.1%, to $78.39 a barrel by 0540 GMT, while U.S. West Texas Intermediate crude CLc1 gained 16 cents, or 0.2%, to $75.39.
SINGAPORE CASH DEALS O/AS
Three gasoline deals and no naphtha trades.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 675.00 | 12.50 | 662.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 670.50 | 12.50 | 658.00 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 4.50 | 0.00 | 4.50 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 73.00 | 1.44 | 71.56 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 87.00 | 1.10 | 85.90 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 90.85 | 2.60 | 88.25 | GL97-SIN |
Gasoline 95 ($/bbl) | 90.10 | 2.60 | 87.50 | GL95-SIN |
Gasoline 92 ($/bbl) | 84.90 | 2.60 | 82.30 | GL92-SIN |
Gasoline crack ($/bbl) | 6.50 | 1.08 | 5.42 | 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 Subhranshu Sahu
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