June 13, 2018 / 11:13 AM / 9 months ago

Asia Naphtha/Gasoline-Naphtha crack gains but premiums down

    SINGAPORE, June 13 (Reuters) - Asia's naphtha crack rose for a third straight day to reach a
one-week high of $86.98 a tonne on Wednesday, lifted by falling oil prices. 
    - But fundamentals were weaker than before as tight supplies have eased and this has affected
spot premiums, traders said. 
    - Japan's Showa Denko paid a premium of about $9 a tonne to Japan quotes on a cost-and-freight
(C&F) basis for naphtha scheduled for second-half July arrival at Oita. 
    - This was cheaper compared to cargoes scheduled for first-half July to South Korea, Taiwan and
Japan at premiums of at least $15 a tonne.
    - Taiwan's Formosa, also the top naphtha importer in Asia, is expected to award a tender to buy
cargoes for second-half July arrival at Mailiao. 
    - Traders expect the petrochemical firm to pay no more than $9 to $10 a tonne premium versus a
$15 a tonne premium it had paid previously for first-half July cargoes. 
    * TENDERS: Nayara Energy, previously known as Essar Oil, offered up to 35,000 tonnes of naphtha
for July 11-15 loading from Vadinar through a tender closing on June 19. 
    - Nayara Energy is majority owned by Russia's Rosneft and a consortium led by commodity trader
Trafigura and UCP Investment Group.
    * GASOLINE: Asia's gasoline crack stayed at a five-week low of $6.08 a barrel as lower oil price
was countered by high supplies. 

    * CASH DEALS: No gasoline deals but there were two on naphtha.
    * OTHER NEWS: France's biggest agriculture union told its farmers to suspend a blockade of
refineries and fuel depots that had entered its third day over palm oil imports and unfair
competition, a union official said.
    - Fuel distributors in Bosnia's autonomous Bosniak-Croat Federation agreed a deal with the
regional government on Tuesday to cut fuel prices after drivers repeatedly blocked roads in protest
against rising prices.
    - The U.S. Energy Information Administration on Tuesday raised its 2018 world oil demand growth
forecast by 40,000 barrels per day (bpd) to 1.80 million bpd.
    - As for 2019, the International Energy Agency (IEA) expects global oil demand to grow by 1.4
million bpd in 2019, to top 100 million bpd by the second quarter of the year.
 LIGHT DISTILLATES                                                                                   
 CASH ($/T)                        ASIA CLOSE      Change    % Change   Prev Close  RIC
 OSN Naphtha CFR Japan M1                  653.00     -5.50      -0.84      658.50  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                  643.00     -5.50      -0.85      648.50  NAF-2H-TYO
 OSN Naphtha Diff                           10.00      0.00       0.00       10.00  NAF-TYO-DIF
 Naphtha Netback FOB Sing                   70.98     -0.58      -0.81       71.56  NAF-SIN
 Naphtha Diff FOB Sing                       1.20      0.00       0.00        1.20  NAF-SIN-DIF
 Naphtha-Brent  Crack                       86.98      4.85       5.91       82.13  NAF-SIN-CRK
 Gasoline 97                                84.90     -1.75      -2.02       86.65  GL97-SIN
 Gasoline 95                                83.65     -1.75      -2.05       85.40  GL95-SIN
 Gasoline 92                                81.55     -1.65      -1.98       83.20  GL92-SIN
 Gasoline crack                              6.08     -0.27      -4.25        6.35  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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