SINGAPORE, Jan 22 (Reuters) - Asia's gasoline refining margins climbed on Wednesday, lifted by a flurry of deals that took place at the closing window, while declining Middle Eastern inventories lent further support.
The crack GL92-SIN-CRK rose by $0.45 to $4.13 as 600,000 barrels of the benchmark octane grade changed hands by the end of the session.
Adding to a batch of upcoming regional crackers, Sri Lanka signed an agreement with Chinese state energy giant Sinopec 600028.SS to fast-track a proposed $3.7 billion oil refinery in its southern port city of Hambantota, the South Asian island nation's foreign minister said.
On the supply end, light distillate stocks at the Fujairah commercial hub, including naphtha and gasoline, fell 0.724 million barrels to 6.341 million barrels in the week to Jan. 20, S&P Global Commodity Insights data showed. FUJAIRAH/
U.S. gasoline inventories rose by 5.4 million barrels last week, market sources citing American Petroleum Institute figures said on Tuesday. API/S
In the naphtha market, the refining margins NAF-SIN-CRK ticked up $0.08 to $82.23 as trading activity and demand prospects remained firm.
NEWS
Oil prices edged higher on Wednesday as the dollar weakened, with traders closely watching U.S. inventories, President Donald Trump's proposed tariffs and the potential impact of the national energy emergency he declared on his first day in office. O/R
Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.
China's crude oil imports will likely rise only 1% this year, and the country's reliance on oil imports is projected to remain at around 70% between 2026 and 2030, according to an outlook released by state energy giant China National Petroleum Corp.
Chinese state oil and gas company CNOOC 0883.HK 600938.SS has lifted its 2025 production target by 5.6-8.3% to a record high versus 2024 output.
SINGAPORE CASH DEALS O/AS
Five octane-92 gasoline trades, one octane-95 gasoline trade, and one naphtha trade.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 680.25 | -6.25 | 686.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 675.00 | -6.25 | 681.25 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 5.25 | 0.00 | 5.25 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 73.58 | -0.69 | 74.28 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 86.63 | 9.36 | 77.28 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 86.30 | -3.57 | 89.87 | GL97-SIN |
Gasoline 95 ($/bbl) | 84.45 | -5.15 | 89.60 | GL95-SIN |
Gasoline 92 ($/bbl) | 3.92 | -83.13 | 87.05 | GL92-SIN |
Gasoline crack ($/bbl) | 5.82 | 0.00 | 5.82 | 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 | ||||
(Reporting by Gabrielle Ng; Editing by Varun H K)
((gabrielle.ng@thomsonreuters.com;))
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