Asia Naphtha/Gasoline-Naphtha refining profit margin rises, backwardation widens

ReutersMar 19, 2025 10:44 AM

NEW DELHI, March 19 (Reuters) - Asia's naphtha refining profit margin gained on Wednesday amid a rise in feedstock demand from upcoming cracker plants in the region and a decline in underlying crude oil prices.

The crack rose about $2 to $117.75 per metric ton over Brent crude and the backwardation between first-half May and first-half June naphtha prices widened to $22.25 per ton, the steepest level since mid-January.

At the Singapore deals window, naphtha activity remained tepid for a fourth straight day.

Meanwhile, light distillate stocks at the Fujairah commercial hub rose by 1.184 million barrels to 8.063 million barrels in the week to March 17, data from S&P Global Commodity Insights showed. FUJAIRAH/

NEWS

- Oil prices fell on Wednesday after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv temporarily stop attacking each other's energy infrastructure, a move that could eventually pave the way for Russian oil to enter global markets. O/R

- Sales of marine fuel at top global refuelling ports are slowing at the start of this year as the shipping sector grapples with uncertainty over geopolitics and the impact of escalating tariffs on global trade, industry sources said.

SINGAPORE CASH DEALS O/AS

One gasoline trade.

PRICES

CASH	ASIA CLOSE	Change	Prev Close	RIC
OSN Naphtha CFR Japan M1 ($/mt)	645.00	-8.50	653.50	NAF-1H-TYO
OSN Naphtha CFR Japan M2 ($/mt)	622.75	-12.25	635.00	NAF-2H-TYO
OSN Naphtha Diff ($/mt)	22.25	3.75	18.50	NAF-TYO-DIF
Naphtha Netback FOB Sing ($/bbl)	69.67	-0.94	70.61	NAF-SIN
Naphtha-Brent Crack ($/mt)	117.75	2.30	115.45	NAF-SIN-CRK
Gasoline 97 ($/bbl)	81.38	-1.50	82.88	GL97-SIN
Gasoline 95 ($/bbl)	80.60	-1.40	82.00	GL95-SIN
Gasoline 92 ($/bbl)	79.10	-1.50	80.60	GL92-SIN
Gasoline crack ($/bbl)	8.80	-0.06	8.86	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

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.