Asia Naphtha/Gasoline-Gasoline crack falls despite stock draws
NEW DELHI, July 10 (Reuters) - Asia's gasoline refining profit margin was down on Thursday even as inventories at key trading hubs decreased.
The crack fell to $8.62 per barrel over Brent crude, compared with $9.26 in the previous session.
Cracks are declining "due to higher Chinese and Indian supply," June Goh, analyst at Sparta Commodities, said.
"Refinery run rates are up with good margin for gasoil, thus they will still make gasoline at the margin," Goh added.
Singapore light distillate stocks fell to a 36-week low at about 12 million barrels in the week to July 9, Enterprise Singapore data showed.
U.S. gasoline stocks USOILG=ECI fell by 2.7 million barrels in the week to 229.5 million barrels, the EIA said, nearly double expectations for a 1.5 million-barrel draw.
NEWS
- Oil prices declined moderately on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth. O/R
- Nigeria's Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of gasoline and diesel to supply refined fuel to southern Africa, two sources told Reuters.
SINGAPORE CASH DEALS O/AS
One gasoline trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 596.50 | -6.00 | 602.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 589.50 | -6.00 | 595.50 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 7.00 | 0.00 | 7.00 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 64.28 | -0.67 | 64.94 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 71.28 | -2.17 | 73.45 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 81.19 | -1.15 | 82.34 | GL97-SIN |
Gasoline 95 ($/bbl) | 80.05 | -1.15 | 81.20 | GL95-SIN |
Gasoline 92 ($/bbl) | 78.65 | -1.15 | 79.80 | GL92-SIN |
Gasoline crack ($/bbl) | 8.62 | -0.64 | 9.26 | 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 | |||
NEW Naphtha M1 | NAPCNWEAMc1 | |||
NEW Naphtha M1/M2 | NAPCNWEASMc1 | |||
NEW Naphtha M2 | NAPCNWEAMc2 | |||
Crack NEW Naphtha-Brent M1 | NAPCNWEACMc1 | |||
Crack NEW Naphtha-Brent M2 | NAPCNWEACMc2 | |||
*Sing refers to Singapore | ||||
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