Naphtha crack rises for a second consecutive day
Asia's naphtha markets extended gains on Tuesday as supply disruption fears on the Red Sea route due to tensions in the Middle East continued to support prices, market players said.
The price for second-half March naphtha cargo rose by $10.50 to $651 per metric ton in backwardation structure of $14 per ton. The crack rose by about $4 to $84.10 per ton over Brent crude.
Buyers are also looking at a revival of Russian supplies post attacks on its energy facilities, traders said.
"It looks as if the Tuapse refinery will not be producing any products for all of February, with Rosneft heard to be diverting fuel oil exports from other refineries to the Tuapse terminal. This will deprive the market of 40,000-50,000 barrels per day of naphtha," analysts at consultancy FGE wrote in a note.
NEWS
- Indian Oil Corp expects its gasoline sales to rise 4.5%-5% in the financial year ending on March 31, 2025, the company's head of marketing said.
- Russian oil refineries in January reduced processing by 4% from a year-ago period, and 1.4% from the prior month due to drone attacks and outages, Kommersant daily reported on Tuesday, citing industry sources.
SINGAPORE CASH DEALS
One gasoline trade, no naphtha deals.
PRICES
CASH | ASIA CLOSE | Change | % Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 671.50 | 10.50 | 1.59 | 661.00 | (NAF-1H-TYO) |
OSN Naphtha CFR Japan M2 ($/mt) | 657.50 | 10.50 | 1.62 | 647.00 | (NAF-2H-TYO) |
OSN Naphtha Diff ($/mt) | 14.00 | 0.00 | 0.00 | 14.00 | (NAF-TYO-DIF) |
Naphtha Netback FOB Sing ($/bbl) | 72.61 | 1.22 | 1.71 | 71.39 | (NAF-SIN) |
Naphtha-Brent Crack ($/mt) | 84.11 | 3.53 | 4.38 | 80.58 | (NAF-SIN-CRK) |
Gasoline 97 ($/bbl) | 98.62 | 1.10 | 1.13 | 97.52 | (GL97-SIN) |
Gasoline 95 ($/bbl) | 97.64 | 1.10 | 1.14 | 96.54 | (GL95-SIN) |
Gasoline 92 ($/bbl) | 93.00 | 1.10 | 1.20 | 91.90 | (GL92-SIN) |
Gasoline crack ($/bbl) | 14.68 | 0.17 | 1.17 | 14.51 | (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 | |||||