NEW DELHI, May 5 (Reuters) - Asia's naphtha refining profit margin gained on Monday after crude oil benchmarks declined on oil producers' group OPEC+ decision to accelerate output hikes.
The crack climbed to $104.73 per metric ton over Brent crude, the highest level since March 28. Price for second-half June naphtha plunged by $10 to $554.50 per ton.
"The sudden crash in naphtha price helped to widen petrochemical margins and improve demand for the feedstock, but outlook is still clouded by the on-going trade war, which will weigh down on the upcoming U.S. consumer summer demand for Chinese goods," LSEG Research said in a note.
The gasoline crack traded strongly at around $11 per barrel over Brent crude amid firm Indian demand.
In, Japan, ENEOS refinery was heard seeking gasoline cargo after some technical glitch at one of its units.
NEWS
- Oil prices fell more than 1% on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. O/R
- Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday.
The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026, down by $2 from its previous estimate.
SINGAPORE CASH DEALS O/AS
No trades.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 554.50 | -10.00 | 564.50 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 544.50 | -11.50 | 556.00 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 10.00 | 1.50 | 8.50 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 59.61 | -1.11 | 60.72 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 104.73 | 5.68 | 99.05 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 73.49 | -2.10 | 75.59 | GL97-SIN |
Gasoline 95 ($/bbl) | 72.70 | -2.10 | 74.80 | GL95-SIN |
Gasoline 92 ($/bbl) | 71.20 | -2.40 | 73.60 | GL92-SIN |
Gasoline crack ($/bbl) | 11.23 | -0.31 | 11.54 | 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 Mohi Narayan; Editing by Vijay Kishore)
((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))
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