September 13, 2012 / 5:51 AM / 5 years ago

Asia Oil Swaps-Gasoil refining margin rebounds

(For 12-month forward curve, click )
    SINGAPORE, Sept 13 (Reuters) - Asia's gasoil market
strengthened on Thursday, with the front-month refining margin
climbing to its highest in more than a week, supported by a
purchase in Vietnam. 
    The October margin increased by 25 cents to a premium of
$19.17 a barrel to Dubai, its strongest since Sept. 4, according
to Reuters data. 
    Sentiment was propped up as Vietnam's Petrolimex bought an
additional gasoil cargo, for loading in October. It had
initially only sought September loading cargoes via a tender. 
    Gasoil's prompt inter-month spread also improved to a
three-session high of 63 cents a barrel in backwardation, three
cents higher than the session before. 
    Naphtha's prompt inter-month spread, however, weakened to a
three-session low. Current high prices, caused by tight
supplies, are hurting demand from petrochemical makers.
    The fuel oil market was steady in early trade, with activity
remaining subdued due to an ongoing annual oil event in
Singapore. 
    Fixed-price swaps for products except naphtha strengthened,
despite Brent crude easing 3 cents to $116.10 per barrel
by 0430 GMT from Wednesday's Asian close. 
    For a full list of swaps trades: 
    
    GASOIL
    Gasoil's September/October timespread inched up 3 cents to a
backwardation of 63 cents per barrel. The October/November
backwardation was also up 3 cents at 41 cents per barrel. 
    The October crack gained 25 cents to a premium of $19.17,
while the November premium was 22 cents higher at $19.36 per
barrel to Dubai crude.
    September's regrade, the spread between jet fuel and gasoil,
was up 5 cents to a premium of $2.35. The October premium was 7
cents lower at $1.53 per barrel.
    September and October fixed-price contracts were at $132.72
and $132.09 per barrel respectively, up 39-42 cents, or around
0.3 percent.
    
    NAPHTHA
    Naphtha CFR Japan's September/October timespread eased 50
cents to a backwardation of $10.00 per tonne, while the
October/November timespread was down $1.25 at $8.25 per tonne.  
    
    The CFR October crack widened 25 cents to a discount of
$6.49 and the November discount was 18 cents weaker at $6.77 per
barrel to Brent crude.
    The CFR September swap lost $3.00 to $996.50 per tonne,
while the FOB Singapore September swap dropped 5 cents to
$110.10 per barrel.
    
    FUEL OIL     
    Fuel oil's September/October timespread was unchanged at a
backwardation of $4.00 per tonne, while the October/November
backwardation was 13 cents stronger at $4.38 per tonne.  
    The October crack narrowed by 1 cent to a discount of $5.81
and November was also 1-cent weaker at a discount of $5.88 per
barrel to Dubai crude.    
    September and October 180-cst fixed-price swaps were valued
at $700.25 and $696.25 per tonne respectively, up $1.00, or
about 0.1 percent.  
    
 PRODUCTS                            Price          Change  Pct
                                                            Change
 SEPTEMBER naphtha                   110.00/110.20  -0.05   -0.05
                                                            
 OCTOBER naphtha                     108.65/108.85  0.10    0.09
 SEPTEMBER naphtha                   996.25/996.75  -3.00   -0.30
                                                            
 OCTOBER naphtha                     986.25/986.75  -2.50   -0.25
 SEPTEMBER gasoil                    132.62/132.82  0.42    0.32
 OCTOBER  gasoil                     132.04/132.14  0.39    0.30
 SEPTEMBER fuel oil                  700.00/700.50  1.00    0.14
 OCTOBER fuel oil                    696.00/696.50  1.00    0.14
 Product                             Price          Change  
 SEPTEMBER regrade                   2.30/2.40      0.05    
 OCTOBER gasoil crack                19.07/19.27    0.25    
                                                            
 SEPTEMBER 180/380 cst               13.75/14.25    0.50    
                                                            
 OCTOBER fuel oil crack              -5.90/-5.70    0.01    
                                                            
 OCTOBER jet fuel crack              20.60/20.80    0.18    
                                                            
 OCTOBER naphtha crack               -6.59/-6.39    -0.25   
                                                            
                                                            
 Inter-month spread                  Mean            Prev   Change
 SEPTEMBER/OCTOBER naphtha           1.35           1.50    -0.15
 SEPTEMBER/OCTOBER naphtha (CFR      10.00          10.50   -0.50
 Japan)                                                     
 SEPTEMBER/OCTOBER gasoil            0.63           0.60    0.03
 SEPTEMBER/OCTOBER fuel oil          4.00           4.00    0.00
    

 (Reporting by Lee Yen Nee; Editing by Joseph Radford)

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