September 5, 2018 / 12:00 PM / in a month

Asia Naphtha/Gasoline-ENOC buys 1.15 mln barrels in 3 days; cracks ease

    SINGAPORE, Sept 5 (Reuters) - Asia's gasoline crack touched a one-week low of $8.13 a barrel
on Wednesday on ample stocks but cash deals remained active as Emirates National Oil Company
(ENOC) continued to scoop up a sizable amount of petrol. 
    - ENOC bought six of the seven cargoes traded in the Singapore cash market on Wednesday,
bringing its total purchases since Sept. 3 to 1.15 million barrels.
    - This made up some 85 percent of total volumes sold this week and the cargoes bought by ENOC
so far were sufficient to fill nearly five medium-range size tankers.
    - In late August, ENOC was however mainly selling gasoline in the Singapore cash market.
    - It sold a total of 550,000 barrels of the fuel between Aug. 24 and Aug. 31 before its
position changed. 
    - It was unclear what were the reasons behind ENOC's buying spree as traders do not typically
comment on their operations nor positions. 
           
    * OTHER RELATED NEWS: Japan's JXTG Nippon Oil & Energy Corp shut a 46,000 barrel-per-day (bpd)
fluid catalytic cracking (FCC) unit at its Sakai refinery in Osaka on Tuesday following damage to
a part of the cooling tower due to the typhoon.
    - But Japan's gasoline stocks in the week to Sept. 1 edged up 80,000 barrels to 9.85 million
barrels, official data showed.
    - Current levels were however lower versus a year ago. 
    - Japan's overall refinery utilisation was down 2.6 percent to 91.6 percent in the week to
Saturday. 
    
    * NAPHTHA: Asia's naphtha crack eased to a one-week low of $97.98 a tonne on Wednesday due to
ample supplies. 
    - Naphtha fundamentals in Asia had improved between Aug. 28 and Sept. 4 as demand for spot and
term cargoes soaked up some of the supplies. 
    - But the market direction changed mid-week as a total of 220,000 tonnes of naphtha were being
offered to the spot market this week from Kuwait, Abu Dhabi and Egypt.
    - This came shortly after Bahrain had sold 50,000 tonnes of naphtha for early October loading
at premiums of more than $10 a tonne to Middle East quotes on a free-on-board (FOB) basis. 
    - Although Indonesia's Pertamina was looking to buy up to 625,000 barrels of naphtha for
September arrival at Tuban, traders said this was not additional demand. 
    - Pertamina had cancelled an earlier purchase tender.
    - Malaysia-based Titan on the other hand picked up naphtha for second-half October arrival at
Pasir Gudang at a low single-digit a tonne discount to Japan quotes on a cost-and-freight (C&F)
basis. 
    - This reflected the market still being saddled with supplies, prompting sellers to release
cargoes at discounts.
    
    * OTHER TENDERS: India's BPCL cancelled a tender to sell up to 25,000 tonnes of naphtha for
Sept. 13-20 loading from Kochi.
     - Thailand's PTT emerged with a tender to sell 27,500 tonnes of light naphtha for Oct. 16-20
loading from Map Ta Phut through a tender closing on Sept. 5. 
    - It had previously offered similar volumes but for early October loading which traders said
had likely been sold as a gasoline blendstock. 
    - This however could not be confirmed.               
        
 LIGHT DISTILLATES                                                                                
 CASH ($/T)                     ASIA CLOSE        Change  % Change    Prev Close  RIC
 OSN Naphtha CFR Japan M1                 680.50  -15.00       -2.16      695.50  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                 679.00  -14.00       -2.02      693.00  NAF-2H-TYO
 OSN Naphtha Diff                           1.50   -1.00      -40.00        2.50  NAF-TYO-DIF
 Naphtha Netback FOB Sing                  74.03   -1.68       -2.22       75.71  NAF-SIN
 Naphtha Diff FOB Sing                      0.25   -0.05      -16.67        0.30  NAF-SIN-DIF
 Naphtha-Brent  Crack                      97.98   -6.52       -6.24      104.50  NAF-SIN-CRK
 Gasoline 97                               89.50   -1.75       -1.92       91.25  GL97-SIN
 Gasoline 95                               87.90   -1.70       -1.90       89.60  GL95-SIN
 Gasoline 92                               85.80   -1.65       -1.89       87.45  GL92-SIN
 Gasoline crack                             8.13   -0.52       -6.01        8.65  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 David Evans)
  
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