June 20, 2018 / 10:48 AM / 5 months ago

Asia Naphtha/Gasoline-Naphtha down; gasoline stays at 22-mth low

    SINGAPORE, June 20 (Reuters) - Asia's open-specification naphtha crack to Brent oil hovered around
a two-month low of $68.63 a tonne on Wednesday as firm crude prices and expectations of more supply of
the fuel next month weighed. 
    - Demand for heavy full-range naphtha from South Korea in the meantime as an alternative to
condensates was expected to hold firm as the fuel remained more workable in terms of prices, traders
said. 
    - SK Energy had on Tuesday bought some 50,000 tonnes of the grade for first-half August delivery
at premiums of about $17 to $18 a tonne to Japan quotes on a cost-and-freight (C&F) basis.

    - This came a day after Hanwha Total had locked in slightly below 150,000 tonnes for the same
period delivery.
    - Open-specification naphtha on the other hand is a feedstock normally used by crackers. 
    
    * TENDERS: India's Nayara Energy, previously known as Essar Oil, sold up to 35,000 tonnes of
naphtha for July 11-15 loading from Vadinar to Aramco Trading at premiums of $24 to $25 a tonne to
Middle East quotes on a free-on-board (FOB) basis. 
    - This however could not be independently confirmed as buyers and sellers do not typically comment
on deals. 
    - The current premium was stable versus a cargo Nayara Energy sold for June 2-6 loading, also to
Aramco Trading.
    
    * GASOLINE: Asia's gasoline crack eased but stayed at a 22-month low for the second day at $3.60 a
barrel to Brent. 
    
    * INVENTORIES: Japan's gasoline stocks eased 100,000 barrels to reach a five-week low of 10.96
million barrels in the week to June 16, official data showed.
    
    * CASH DEALS: Two gasoline deals and one on naphtha.
 LIGHT DISTILLATES                                                                                    
 CASH ($/T)                         ASIA CLOSE         Change   % Change  Prev Close  RIC
 OSN Naphtha CFR Japan M1                      636.00     2.00      0.32      634.00  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                      629.50     3.00      0.48      626.50  NAF-2H-TYO
 OSN Naphtha Diff                                6.50    -1.00    -13.33        7.50  NAF-TYO-DIF
 Naphtha Netback FOB Sing                       69.13     0.23      0.33       68.90  NAF-SIN
 Naphtha Diff FOB Sing                           1.00     0.00      0.00        1.00  NAF-SIN-DIF
 Naphtha-Brent  Crack                           68.63    -4.75     -6.47       73.38  NAF-SIN-CRK
 Gasoline 97                                    82.60     0.00      0.00       82.60  GL97-SIN
 Gasoline 95                                    81.40     0.00      0.00       81.40  GL95-SIN
 Gasoline 92                                    79.25     0.00      0.00       79.25  GL92-SIN
 Gasoline crack                                  3.60    -0.90    -20.00        4.50  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 Amrutha Gayathri)
  
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