September 4, 2018 / 11:08 AM / 2 months ago

Asia Naphtha/Gasoline-ADNOC offers spot; ENOC on petrol spree

    SINGAPORE, Sept 4 (Reuters) - Asia's naphtha crack rose to a near three-week high of $104.50 a
tonne on Tuesday, supported by the recent flurry of demand after a brief slump early last week
caused by high supplies. 
    - South Korea's LG Chem emerged this week to buy open-specification naphtha and traders said the
buyer could have paid a premium of around $1.50 to $2.00 a tonne to Japan quotes on a
cost-and-freight (C&F) basis for the fuel arriving in the first-half of October at Daesan. 
    - This, however, could not be confirmed as the buyer does not typically comment on deals. 
    - Naphtha prices for the open-specification grade in South Korea briefly flipped into a discount
on Aug. 28 due to more supplies coming to Asia, but demand has turned the market around. 
    - Total naphtha cargoes for September arrival in Asia from various regions including the Middle
East and Europe are expected to be higher versus up to 5.1 million tonnes seen for August, said a
report by Thomson Reuters Oil Research.

    * TENDERS: Abu Dhabi National Oil Company (ADNOC) offered 75,000 tonnes of naphtha for
end-September loading and traders expect it to be sold this week.
    - ADNOC does not usually offer naphtha in the spot market as most of its supplies are tied up in
long-term contracts. 
    - Kuwait, on the other hand, has offered 50,000 tonnes of full-range naphtha for Oct. 5-6
loading and another 25,000 tonnes of similar grade for Oct. 7-8 loading through a tender closing on
Wednesday. 
            
    * GASOLINE: Asia's gasoline crack eased to a three-session low of $8.65 a barrel as high oil
prices weighed. 
    - But gasoline cash demand was strong with a total of 12 cargoes changing hands, making this the
largest volume transacted in a single session in more than a year.
    - Emirates National Oil Company (ENOC) remained as the top buyer, having scooped up 9 of the 12
cargoes. 
    - It had already bought a total of 8 cargoes in the previous session. 
    - The reason behind ENOC's spree was not immediately clear. 
    
    * REFINERY NEWS: Germany's 120,000 barrel per day Bayernoil refinery in Vohburg is off line and
might remain so for weeks after a fire on Saturday. nL8N1VP28U
    
    * OTHER NEWS: Tropical Storm Gordon barreled on Tuesday toward the U.S. Gulf Coast, where it was
expected to become a hurricane and shake parts of the south with high winds and heavy rain, the
National Hurricane Center said.
    - U.S. oil producer Anadarko Petroleum Corp evacuated workers and shut production at two
offshore oil platforms on Monday, and other companies with production and refining operations along
the Gulf Coast said they were securing facilities. 
 LIGHT DISTILLATES                                                                                  
 CASH ($/T)                      ASIA CLOSE         Change     % Change   Prev Close  RIC
 OSN Naphtha CFR Japan M1                   695.50      11.50       1.68      684.00  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                   693.00      11.50       1.69      681.50  NAF-2H-TYO
 OSN Naphtha Diff                             2.50       0.00       0.00        2.50  NAF-TYO-DIF
 Naphtha Netback FOB Sing                    75.71       1.29       1.73       74.42  NAF-SIN
 Naphtha Diff FOB Sing                        0.30       0.00       0.00        0.30  NAF-SIN-DIF
 Naphtha-Brent  Crack                       104.50       5.35       5.40       99.15  NAF-SIN-CRK
 Gasoline 97                                 91.25       0.60       0.66       90.65  GL97-SIN
 Gasoline 95                                 89.60       0.65       0.73       88.95  GL95-SIN
 Gasoline 92                                 87.45       0.65       0.75       86.80  GL92-SIN
 Gasoline crack                               8.65      -0.17      -1.93        8.82  GL92-SIN-CRK
                                                                                                    
 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 Seng Li Peng; Editing by Mark Potter)
  
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