Asia's naphtha refining margin rose on Wednesday amid firming demand from China, although prompt supplies remained ample, and the cash spread traded at a premium between $12 and $13 per ton, traders said.
The crack rose to $121.05 per metric ton over Brent crude, compared with $113.80 a day earlier. The second-half August cargo traded $5 higher than the second-half September parcel.
United Arab Emirates' ADNOC emerged as the top seller for naphtha cargoes in June at 275,000 tons during the market on close assessments, market participants said.
In tenders, Kuwait Petroleum offered 80,000 tons of naphtha for July 20-31 delivery in a tender closing on Thursday, they added.
India's MRPL sold 35,000 tons of 95-octane grade of gasoline loading over July 8-9 to energy trader Gunvor, according to separate market sources.
NEWS
- Oil prices fell more than 1% on Wednesday as talks between Iran and the U.S. aimed at reaching a final agreement to end their war continued and the market awaited data from the U.S. regarding stock draws.
- Price differentials for Russia's Urals crude delivered to India in August have fallen to their lowest levels since late February amid ample supply and rising competition, three trade sources told Reuters.
SINGAPORE CASH DEALS
Two gasoline trades.
PRICES
CASH ASIA CLOSE Change Prev Close RIC | OSN Naphtha CFR Japan M1 ($/mt) 664.50 13.50 651.00 (NAF-1H-TYO) | OSN Naphtha CFR Japan M2 ($/mt) 659.50 0.75 658.75 (NAF-2H-TYO) | OSN Naphtha Diff ($/mt) 5.00 12.75 -7.75 (NAF-TYO-DIF) | Naphtha Netback FOB Sing ($/bbl) 71.83 1.50 70.33 (NAF-SIN) | Naphtha-Brent Crack ($/mt) 121.05 15.00 106.05 (NAF-SIN-CRK) | Gasoline 97 ($/bbl) 100.49 -3.42 103.91 (GL97-SIN) | Gasoline 95 ($/bbl) 98.98 -3.42 102.40 (GL95-SIN) | Gasoline 92 ($/bbl) 97.00 -3.42 100.42 (GL92-SIN) | Gasoline crack ($/bbl) 24.54 -3.22 27.76 (GL92-SIN-CRK) | For a list of derivatives prices, including margins, please double click the RICs below. | Brent M1 (BRENTSGMc1) | Naphtha CFR Japan M1 (NACFRJPSWMc1) | Naphtha CFR Japan M1/M2 (NACFRJPSDMc1) | Naphtha CFR Japan M2 (NACFRJPSWMc2) | Naphtha Japan-Sing Netback M1 (NAPTC4SPDMc1) | Naphtha Japan-Sing Netback M2 (NAPTC4SPDMc2) | Naphtha FOB Sing M1 (NAFOBSGSWMc1) | Naphtha FOB Sing M1/M2 (NAFOBSGSDMc1) | Naphtha FOB Sing M2 (NAFOBSGSWMc2) | Naphtha Cracks M1 (NACFRJPCKMc1) | East-West Naphtha M1 (NAPJPEWMc1) | East-West Naphtha M2 (NAPJPEWMc2) | NWE Naphtha M1 (NAPCNWEAMc1) | NWE Naphtha M1/M2 (NAPCNWEASMc1) | NWE Naphtha M2 (NAPCNWEAMc2) | Crack NWE Naphtha-Brent M1 (NAPCNWEACMc1) | Crack NWE Naphtha-Brent M2 (NAPCNWEACMc2) | *Sing refers to Singapore |