Asia Naphtha/Gasoline-Naphtha crack falls, gasoline below $11/bbl
NEW DELHI, May 26 (Reuters) - Asia's naphtha refining profit margin declined on Monday after underlying prices rose in tandem with crude oil benchmarks.
The crack declined by about $3 to $84.75 per metric ton over Brent crude and the backwardation between first-half July and first-half August cargo widened to $9.25 a ton.
Naphtha east-west spread has jumped, lifting July arbitrage prospects, Sparta Commodities' analyst Jorge Molinero said in a note.
In the gasoline market, margin eased slightly on Monday to $10.90 a barrel over Brent crude. Traders are keenly watching outcome of Pertamina's gasoline term tenders which are valid till May 30.
The company has excluded Singapore-origin cargoes from two of its five tenders as Indonesia wants to increase supplies from the U.S. and Middle East.
NEWS
- Oil prices rose on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hit fuel demand. O/R
- Saudi state oil giant Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said, as it pursues an international expansion and weathers lower crude prices.
- Authorities in the southern Indian state of Kerala were scrambling to contain an oil spill on Monday after a container vessel sank, leaking fuel into the Arabian Sea and releasing 100 cargo containers into the water.
SINGAPORE CASH DEALS O/AS
One gasoline trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 573.00 | 5.50 | 567.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 563.75 | 5.25 | 558.50 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 9.25 | 0.25 | 9.00 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 61.67 | 0.61 | 61.06 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 84.75 | -3.05 | 87.80 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 78.89 | 0.90 | 77.99 | GL97-SIN |
Gasoline 95 ($/bbl) | 77.97 | 0.90 | 77.07 | GL95-SIN |
Gasoline 92 ($/bbl) | 76.00 | 0.90 | 75.10 | GL92-SIN |
Gasoline crack ($/bbl) | 10.90 | -0.24 | 11.14 | 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 | ||||
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