Asia Naphtha/Gasoline-Gasoline crack rises to highest in over a week on Mideast inventory drop

ReutersDec 26, 2024 10:28 AM

SINGAPORE, Dec 26 (Reuters) - Asia's gasoline margins climbed to their highest in more than a week as Middle East inventories extended declines for a second consecutive week, while trading activity remained thin following the Christmas holiday.

The refining profit margins GL92-SIN-CRK rose by 16 cents to $8.24 per barrel, their strongest level since Dec. 18.

In the naphtha market, the crack NAF-SIN-CRK eased from $100.35 in the previous session to $96.28, its lowest since Dec. 18, as no deals took place at the closing window.

Stocks of light distillates at the Fujairah Oil Industry Zone fell by 241,000 million barrels to a five-week low of 6.445 million barrels in the week ended Dec. 23, according to industry information service S&P Global Commodity Insights. FUJAIRAH/

In Singapore, light distillate inventories rose by 341,000 barrels to a two-week high of 15.185 million barrels in the week to Dec. 25, data from Enterprise Singapore showed on Thursday. O/SING1

Gasoline inventories rose by 3.9 million barrels last week in the U.S., according to market sources citing American Petroleum Institute Figures. API/S

Still, analysts expect gasoline inventories declined by about 1.1 million barrels in the week to Dec. 20, an extended Reuters poll showed on Tuesday. EIA/S

NEWS

Oil edged higher on Thursday in thin holiday trading, driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories. O/R

China has issued 19 million metric tons of export quotas for gasoline, diesel and aviation fuel under the first batch of allowances for 2025, steady versus a year earlier, several traders and a Chinese industry consultancy said on Wednesday.

Japanese oil refiner Taiyo Oil plans to shut down two crude distillation units at its 138,000-barrel-per-day Shikoku refinery in western Japan this week for scheduled maintenance, a company spokesperson said on Wednesday. REF/OUT

SINGAPORE CASH DEALS O/AS

No trades for the day.

PRICES

CASH	ASIA CLOSE	Change	Prev Close	RIC
OSN Naphtha CFR Japan M1 ($/mt)	650.00	2.75	647.25	NAF-1H-TYO
OSN Naphtha CFR Japan M2 ($/mt)	645.50	2.75	642.75	NAF-2H-TYO
OSN Naphtha Diff ($/mt)	4.50	0.00	4.50	NAF-TYO-DIF
Naphtha Netback FOB Sing ($/bbl)	70.22	0.35	69.87	NAF-SIN
Naphtha Diff FOB Sing	0.40	0.00	0.40	NAF-SIN-DIF
Naphtha-Brent Crack ($/mt)	96.28	-4.07	100.35	NAF-SIN-CRK
Gasoline 97 ($/bbl)	85.31	1.07	84.24	GL97-SIN
Gasoline 95 ($/bbl)	85.97	1.07	84.90	GL95-SIN
Gasoline 92 ($/bbl)	82.07	1.07	81.00	GL92-SIN
Gasoline crack ($/bbl)	8.24	0.16	8.08	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 Gabrielle Ng; Editing by Shilpi Majumdar)

((gabrielle.ng@thomsonreuters.com))

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