SINGAPORE, April 19 (Reuters) - The Asian naphtha price of
$836.50a tonne was 2.6 percent lower than a week ago on Friday,
while its margin was at a three-session low of $88.53 a tonne
after a brief recovery in the last three sessions.
Traders said overall ample supply was still a concern and
will take time to resolve despite some unexpected buying
interest this week for second-half May cargoes from South Korea.
"There's some hope for naphtha to improve if refinery run
cuts happen," said a trader. "For now, demand for naphtha used
in gasoline blending is on-off (in Europe) and the use of gas
feedstock is still more economical for crackers than naphtha."
Liquefied petroleum gas can be used to replace 5 to 15
percent of naphtha in some of Asia's petrochemical units.
* NAPHTHA TENDERS: India's ONGC sold 35,000 tonnes of
naphtha for May 2-3 loading from Mumbai to Japan's Marubeni at a
premium of about $41 a tonne to Middle East quotes on a
free-on-board (FOB) basis.
- This was the lowest premium it had fetched in about four
months for a cargo sold out of Mumbai.
- ONGC also exports naphtha from Hazira.
- Bharat Petroleum Corp Ltd (BPCL) sold 11,000 tonnes of
naphtha, suitable for gasoline blending, for May 6-10 lifting
from Haldia to Glencore at premiums in the low $20s a tonne
level to Middle East quotes on a FOB basis.
- This was down nearly 48 percent from a sale of a March
cargo to Unipec. It is unclear if BPCL had sold any cargoes out
of Haldia for April lifting.
GASOLINE AT 2-1/2 WEEK HIGH
The Asian gasoline margin rose for the sixth
straight-session to reach a 2-1/2 week high of $8.47 a barrel as
firm demand from the Singapore-based traders supported the
There were five gasoline deals done in total, highest in
about a week.
Vitol was seen buying another cargo, bringing its total
purchases of May cargoes since April 12 to thirteen.
The total volumes were 700,000 barrels or about 83,000
India's Mangalore Refinery & Petrochemicals Ltd (MRPL) in
the mean time has sold its first spot gasoline cargo in about
The 25,000-tonne gasoline for May 28-30 loading from New
Mangalore could have been sold to Total at a premium within the
$1.50-$1.60 a barrel to Middle East quotes 95-octane quote on a
free-on-board (FOB) basis although this could not be immediately
SINGAPORE CASH DEALS: Five gasoline deals but none on
naphtha for the second straight day.
- Shell bought a total of three cargoes and Vitol bought
- Shell bought from Trafigura a 95-octane gasoline cargo for
May 7-11 loading at $111.60 a barrel.
- It bought another 95-octane gasoline cargo for May 5-9
loading from PetroChina at $111.80 a barrel.
- The oil major further bought a 97-octane gasoline cargo
from PetroChina for May 4-8 loading at $116.20 a barrel.
- But Shell sold to Vitol a 92-octane gasoline cargo for May
4-8 loading at $108.00 a barrel.
- Vitol bought another 92-octane gasoline cargo for May 4-8
loading at $108.20 a barrel, but from Total.
CASH ($/T) ASIA CLOSE Change % Change Prev RIC
OSN Naphtha CFR Japan M1 836.50 8.00 0.97 828.50 (NAF-1H-TYO)
OSN Naphtha CFR Japan M2 823.00 8.00 0.98 815.00 (NAF-2H-TYO)
OSN Naphtha Diff 13.50 0.00 0.00 13.50 (NAF-TYO-DIF)
Naphtha Netback FOB Sing 89.95 0.97 1.09 88.98 (NAF-SIN)
Naphtha Diff FOB Sing 2.15 0.47 27.98 1.68 (NAF-SIN-DIF)
Naphtha-Brent Crack 88.53 -4.97 -5.32 93.50 (NAF-SIN-CRK)
Gasoline 97 116.20 3.34 2.96 112.86 (GL97-SIN)
Gasoline 95 111.80 2.40 2.19 109.40 (GL95-SIN)
Gasoline 92 108.20 2.10 1.98 106.10 (GL92-SIN)
Gasoline crack 8.47 0.37 4.57 8.10 (GL92-SIN-CRK)
SWAPS ($/T) ASIA CLOSE Change % Change Prev RIC
(0830 GMT) Close
Naphtha CFR Japan M1 818.25 7.25 0.89 811.00
Naphtha CFR Japan M1/M2 4.25 0.25 6.25 4.00
Naphtha CFR Japan M2 814.00 7.00 0.87 807.00
Naphtha Japan-Sing Netback M1 17.25 0.50 2.99 16.75
Naphtha Japan-Sing Netback M2 19.75 0.25 1.28 19.50
Naphtha FOB Sing M1 89.00 0.75 0.85 88.25
Naphtha FOB Sing M1/M2 0.75 0.00 0.00 0.75
Naphtha FOB Sing M2 88.25 0.75 0.86 87.50
Naphtha Cracks M1 -9.21 -0.90 10.83 -8.31
East-West Naphtha M1 23.25 -1.75 -7.00 25.00
East-West Naphtha M2 20.25 -0.75 -3.57 21.00
NWE Naphtha M1 795.00 9.00 1.15 786.00
NWE Naphtha M1/M2 1.25 1.25 NA NA CNWEASMc1>
NWE Naphtha M2 793.75 7.75 0.99 786.00
Crack NWE Naphtha-Brent M1 -11.46 -0.81 7.61 -10.65
Crack NWE Naphtha-Brent M2 -11.44 -0.64 5.93 -10.80
*Sing refers to Singapore
(Reporting by Seng Li Peng, editing by William Hardy)