Naphtha crack up, Middle East sellers emerge
Asia's naphtha refining profit margin rose on Tuesday and the sentiment for second-half September cargo remained upbeat.
The crack for naphtha rose to $69.60 per metric ton over Brent crude, compared with $65.88 a day earlier in a backwardation of $1.75 a ton.
A South Korean buyer emerged seeking 25,000 tons of heavy full range naphtha for second-half September delivery, market participants said. Sellers from the Middle East offered late-August cargoes, they added.
The gasoline crack, on the other hand, was steady at $8.44 per barrel over Brent crude on Tuesday.
OUTSTANDING ASIA/MIDEAST NAPHTHA TENDERS: | ||||
ISSUER | GRADE | VOLUME | LOADING DATE | CLOSE (VALID) |
KPC/Kuwait* | Light naphtha/full range | 20KT and 8KT | Aug 29-30 | Aug 6 (Aug 6) |
Full range | 25KT | Aug 30-31 | Aug 6 (Aug 6) | |
Qatar Energy/Ras Laffan* | Full range | 52KT | Aug 23-24 | Aug 5 (Aug 5) |
Full range | 25KT | Aug 25-26 | Aug 5 (Aug 5) | |
NEWS
- Russia-backed Indian refiner Nayara Energy has exported its first gasoline cargo since the privately owned company was sanctioned by the European Union on July 18, according to four shipping sources and LSEG data.
- Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.
SINGAPORE CASH DEALS
Two naphtha trades and one gasoline deal.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 585.00 | -1.00 | 586.00 | (NAF-1H-TYO) |
OSN Naphtha CFR Japan M2 ($/mt) | 583.25 | -0.50 | 583.75 | (NAF-2H-TYO) |
OSN Naphtha Diff ($/mt) | 1.75 | -0.50 | 2.25 | (NAF-TYO-DIF) |
Naphtha Netback FOB Sing ($/bbl) | 63.00 | -0.11 | 63.11 | (NAF-SIN) |
Naphtha-Brent Crack ($/mt) | 69.60 | 3.73 | 65.88 | (NAF-SIN-CRK) |
Gasoline 97 ($/bbl) | 79.36 | -0.54 | 79.90 | (GL97-SIN) |
Gasoline 95 ($/bbl) | 78.86 | -0.54 | 79.40 | (GL95-SIN) |
Gasoline 92 ($/bbl) | 77.16 | -0.52 | 77.68 | (GL92-SIN) |
Gasoline crack ($/bbl) | 8.44 | 0.11 | 8.33 | (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 | ||||
