Asia Naphtha/Gasoline-Gasoline crack rises for 3rd consecutive session

Reuters
2024-10-10

Oct 10 (Reuters) - Asia's gasoline margins rose for the third consecutive session on Thursday, as 300,000 barrels of the benchmark grade of octane exchanged hands at the closing window.

The crack inched up to $4.44 per barrel over Brent crude, from $4.22 on Wednesday.

In naphtha, the margins rose by $3.15 to $113.80 per metric ton over Brent crude, as the market received a boost in demand with the restarting of several regional crackers after their maintenance period.

Singapore light distillates stock fell by 1.125 million to a three-week low of 14.189 million barrels in the week ending Oct. 9, data from Enterprise Singapore showed.

U.S. gasoline stocks fell by 6.3 million barrels in the week to 214.9 million barrels, their lowest level since September 2023, while distillate stockpiles fell by 3.1 million barrels in the week to 118.5 million barrels, the Energy Information Administration $(EIA)$ said.

NEWS

Oil prices edged higher on Thursday, underpinned by a spike in fuel demand as a major storm barreled into Florida. Brent crude futures rose 58 cents, or 0.8%, to $77.16 a barrel. U.S. West Texas Intermediate $(WTI)$ futures

were up 61 cents, or 0.8%, at $73.85.

U.S. oil producer Occidental Petroleum on Wednesday flagged lower prices for its oil and gas production in the third quarter, compared to the previous period. The prices received for production during the quarter were nearly 6% lower for its total oil output and about 26% lower for its U.S. natural gas output.

SINGAPORE CASH DEALS

Five gasoline deals and no naphtha trade.

PRICES

CASH ASIA CLOSE Change Prev Close RIC

OSN Naphtha CFR Japan M1 694.00 1.50 692.50

($/mt)

OSN Naphtha CFR Japan M2 688.50 1.50 687.00

($/mt)

OSN Naphtha Diff ($/mt) 5.50 0.00 5.50 <NAF-TYO-DIF

>

Naphtha Netback FOB Sing 75.11 0.22 74.89

($/bbl)

Naphtha Diff FOB Sing 0.40 0.00 0.40 <NAF-SIN-DIF

>

Naphtha-Brent Crack 113.80 3.15 110.65 <NAF-SIN-CRK

($/mt) >

Gasoline 97 ($/bbl) 85.74 0.00 85.74

Gasoline 95 ($/bbl) 86.30 0.00 86.30

Gasoline 92 ($/bbl) 81.80 0.00 81.80

Gasoline crack ($/bbl) 4.44 0.22 4.22 <GL92-SIN-CR

K>

For a list of derivatives prices, including margins, please double click the

RICs below.

Brent M1

Naphtha CFR Japan M1 <NACFRJPSWMc1

>

Naphtha CFR Japan M1/M2 <NACFRJPSDMc1

>

Naphtha CFR Japan M2 <NACFRJPSWMc2

>

Naphtha Japan-Sing <NAPTC4SPDMc1

Netback M1 >

Naphtha Japan-Sing <NAPTC4SPDMc2

Netback M2 >

Naphtha FOB Sing M1 <NAFOBSGSWMc1

>

Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1

>

Naphtha FOB Sing M2 <NAFOBSGSWMc2

>

Naphtha Cracks M1 <NACFRJPCKMc1

>

East-West Naphtha M1

East-West Naphtha M2

NWE Naphtha M1

NWE Naphtha M1/M2 <NAPCNWEASMc1

>

NWE Naphtha M2

Crack NWE Naphtha-Brent <NAPCNWEACMc1

M1 >

Crack NWE Naphtha-Brent <NAPCNWEACMc2

M2 >

*Sing refers to

Singapore

(Reporting by Haridas; Editing by Tasim Zahid)

((Haridas.X@thomsonreuters.com;))

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