June 8, 2018 / 10:44 AM / in 2 months

Asia Naphtha/Gasoline-Naphtha down on robust oil prices; but demand stays firm

    SINGAPORE, June 8 (Reuters) - Asia's naphtha crack fell for a fourth straight
session to $80.68 a tonne on Friday, making this the lowest front-month value since
April 26 as strong oil prices dragged. 
    - However, fundamentals were strong as demand was firm and these were reflected
in the spot premiums. 
    - SK Energy, for instance, bought naphtha for second-half July delivery at
high-teens-a-tonne premium to Japan quotes on a cost-and-freight (C&F) basis.
    - SK Energy had on June 1 paid a premium of $16 to $17 a tonne for cargoes
delivering also in second-half July.
    - Japan's Idemitsu also bought for second-half July delivery on Friday but for
delivery to Chiba at premiums of about $15 a tonne to Japan quotes on a C&F basis. 
    
    * TERM TALKS: Kuwait is to finalise talks with Asian buyers for full-range
naphtha and light grade scheduled for August 2018 to July 2019 delivery this week. 
    
     * CRACKER NEWS: Formosa has shut the smallest of three naphtha crackers - a
700,000 tonnes per year (tpy) unit - on June 5 for planned maintenance that will
last until July.
    
    * GASOLINE: Asia's gasoline crack recovered 3.1 percent to $6.59 a barrel after
the value hit a one-month low in the previous session. 
    - However, the current value was still 37 percent below the crack from a year
ago as supplies remained high. GL92-SIN-CRK   
    - Gasoline stocks held independently at the Amsterdam-Rotterdam-Antwerp (ARA)
refining and storage hub for instance rose to a three-week high in the week to
Thursday to 1.05 million tonnes, according to data from Dutch consultancy PJK
International.
    - This mirrored the trend in the United States where gasoline inventories were
up.

    * OTHER NEWS: Taiwan's Formosa Petrochemical Corp 6505.TW is running its 540,000
barrels per day (bpd) Mailiao refinery at near full capacity, unchanged from May
following recent maintenance.
    - Citgo Petroleum Corp <PDVSAC.UL said a fire was quickly extinguished on
Thursday at its 157,500 barrel-per-day Corpus Christi, Texas, refinery. nL2N1T91DI
      
    * CASH DEALS: Four gasoline deals but none on naphtha. 
 LIGHT DISTILLATES                                                                  
 CASH ($/T)                         ASIA CLOSE        Chan  %      Prev    RIC
                                                      ge    Chang  Close   
                                                            e              
 OSN Naphtha CFR Japan M1                     657.50  7.25   1.11  650.25  <NAF-1H-T
                                                                           YO>
 OSN Naphtha CFR Japan M2                     647.25  7.25   1.13  640.00  <NAF-2H-T
                                                                           YO>
 OSN Naphtha Diff                              10.25  0.00   0.00   10.25  <NAF-TYO-
                                                                           DIF>
 Naphtha Netback FOB Sing                      71.45  0.82   1.16   70.63  NAF-SIN
 Naphtha Diff FOB Sing                          1.15  0.15  15.00    1.00  <NAF-SIN-
                                                                           DIF>
 Naphtha-Brent  Crack                          80.68  -1.3  -1.67   82.05  <NAF-SIN-
                                                         7                 CRK>
 Gasoline 97                                   87.10  1.35   1.57   85.75  <GL97-SIN
                                                                           >
 Gasoline 95                                   85.85  1.35   1.60   84.50  <GL95-SIN
                                                                           >
 Gasoline 92                                   83.50  1.35   1.64   82.15  <GL92-SIN
                                                                           >
 Gasoline crack                                 6.59  0.20   3.13    6.39  <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 Sherry Jacob-Phillips)
  
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