Asia Naphtha/Gasoline-Naphtha margin steadies after hitting one-month low

Reuters
2025/01/09

SINGAPORE, Jan 9 (Reuters) - Asia's naphtha refining crack steadied on Thursday after sliding to its lowest in a month in the previous session.

The crack closed at $92.78 a barrel on Thursday, up more than $3 from Wednesday.

Meanwhile, inventories of light distillates in Singapore were down week on week, the latest data showed.

Stocks of light distillates in Singapore dipped 3.9% to 15.42 million barrels in the week to Jan. 8, based on data from Enterprise Singapore.

In the gasoline market, U.S. stockpiles rose by 6.3 million barrels in the week ended Jan. 3 to 237.7 million barrels, said the EIA, marking a steeper climb than analysts had expected. Analayst had projected a build of 1.5 million barrels.

NEWS

Oil prices were little changed on Thursday, with investors weighing firm winter fuel demand expectations against large increases to U.S. fuel inventories and macroeconomic concerns.

Saudi Arabia's crude oil supply to China in February is set to decline from the previous month, trade sources said on Thursday after the kingdom raised its prices and OPEC+ extended production cuts in the first quarter.

Global energy major BP has pledged to lift oil production by 44% and gas output by 89% from India's largest field off its west coast under a decade-long contract, block operator Oil and Natural Gas Corp said on Thursday.

Indonesia said on Thursday that its exports of used cooking oil and palm oil residue in recent years had exceeded production capacity, indicating crude palm oil had been mixed in, prompting regulation this week to curb shipments.

SINGAPORE CASH DEALS

No naphtha trade, two gasoline trades.

PRICES

LIGHT DISTILLATES

CASH ($/T) ASIA CLOSE Change Prev Close RIC

OSN Naphtha CFR Japan 664.50 -7.00 671.50 <NAF-1H-TYO

M1 >

OSN Naphtha CFR Japan 662.00 -4.00 666.00 <NAF-2H-TYO

M2 >

OSN Naphtha Diff 2.50 -3.00 5.50 <NAF-TYO-DI

F>

Naphtha Netback FOB 71.83 -0.78 72.61

Sing

Naphtha-Brent Crack 92.78 3.20 89.57 <NAF-SIN-CR

K>

Gasoline 97 84.82 -3.22 88.04

Gasoline 95 84.41 -4.29 88.70

Gasoline 92 82.75 -2.05 84.80

Gasoline crack 6.52 -0.69 7.21 <GL92-SIN-C

RK>

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

the RICs below.

Brent M1

Naphtha CFR Japan M1

Naphtha CFR Japan

M1/M2

Naphtha CFR Japan M2

Naphtha Japan-Sing

Netback M1

Naphtha Japan-Sing

Netback M2

Naphtha FOB Sing M1

Naphtha FOB Sing M1/M2

Naphtha FOB Sing M2

Naphtha Cracks M1

East-West Naphtha M1

East-West Naphtha M2

NWE Naphtha M1

NWE Naphtha M1/M2

NWE Naphtha M2

Crack NWE

Naphtha-Brent M1

Crack NWE

Naphtha-Brent M2

*Sing refers to

Singapore

(Reporting by Jeslyn Lerh Editing by David Goodman )

((jeslyn.lerh@thomsonreuters.com))

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