NEW DELHI, May 28 (Reuters) - Asia's gasoline refining profit margin rose on Wednesday after a flurry of deals for the benchmark-grade of the fuel lifted demand sentiment.
The crack GL92-SIN-CRK rose to $11.35 per barrel over Brent crude, compared with $10.46 a day earlier. At the window, energy trader Total snapped up 300,000 barrels of 92-octange grade of gasoline, market participants shared.
Asian gasoline complex has sustained strength this month due to tight supplies amid peak refinery maintenance in the region, they added.
In the naphtha market, the crack NAF-SIN-CRK continued to trade in a range in a steady backwardation of $9.50 a ton. Several South Korean buyers were heard seeking naphtha cargoes for July this week, while window activity remained tepid.
NEWS
- Oil prices held steady on Wednesday after the U.S. barred Chevron CVX.N from exporting crude from Venezuela, but an expected decision from OPEC+ later this week to increase production in July capped gains. O/R
- OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share.
SINGAPORE CASH DEALS O/AS
Three gasoline deals.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 570.00 | -4.00 | 574.00 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 560.50 | -3.75 | 564.25 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 9.50 | -0.25 | 9.75 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 61.33 | -0.44 | 61.78 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 88.87 | 1.17 | 87.70 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 78.39 | 0.20 | 78.19 | GL97-SIN |
Gasoline 95 ($/bbl) | 77.47 | 0.20 | 77.27 | GL95-SIN |
Gasoline 92 ($/bbl) | 75.50 | 0.20 | 75.30 | GL92-SIN |
Gasoline crack ($/bbl) | 11.35 | 0.89 | 10.46 | 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 | ||||
(Reporting by Mohi Narayan; Editing by Maju Samuel)
((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))