NEW DELHI, April 29 (Reuters) - Asia's naphtha margin extended gains from last week on Monday after crude oil prices fell, and buying activity improved in spot markets.
The crack rose by about $5 to $54.23 per metric ton over Brent crude. The backwardation between the first-half June and the first-half July naphtha prices widened to $10.25 a ton from $7.25 on Friday.
Traders said Korean and Japanese buyers have been active in spot markets, but premiums have fared in lower single digits.
On the supply front, Middle Eastern supply, which had earlier contracted on rising tension between Israel and Iran, saw a surge last week and recovered to its year-to-date average, analysts at LSEG Research noted.
NEWS
- Top oil exporter Saudi Arabia may raise prices for most of the crude grades it sells to Asia in June to their highest levels in five months after Middle East benchmarks strengthened this month, trade sources said on Monday.
- China's top energy producer PetroChina posted a 4.7% rise in first-quarter net income on Monday helped by growth in natural gas and a recovery in fuel demand.
SINGAPORE CASH DEALS
Four gasoline deals, no naphtha trades.
PRICES
CASH ASIA CLOSE Change % Prev RIC
Change Close
OSN Naphtha CFR 720.75 3.00 0.42 717.75 <NAF-1H-T
Japan M1 ($/mt) YO>
OSN Naphtha CFR 713.50 3.00 0.42 710.50 <NAF-2H-T
Japan M2 ($/mt) YO>
OSN Naphtha Diff 7.25 0.00 0.00 7.25 <NAF-TYO-
($/mt) DIF>
Naphtha Netback FOB 78.08 0.38 0.49 77.70
Sing ($/bbl)
Naphtha-Brent Crack 54.23 5.25 10.72 48.98 <NAF-SIN-
($/mt) CRK>
Gasoline 97 ($/bbl) 106.30 -0.40 -0.37 106.70 <GL97-SIN
>
Gasoline 95 ($/bbl) 106.01 -0.40 -0.38 106.41 <GL95-SIN
>
Gasoline 92 ($/bbl) 101.60 -0.40 -0.39 102.00 <GL92-SIN
>
Gasoline crack 12.73 -0.10 -0.78 12.83 <GL92-SIN
($/bbl) -CRK>
For a list of derivatives prices, including
margins, please double click the RICs below.
Brent M1 <BRENTSGMc
1>
Naphtha CFR Japan <NACFRJPSW
M1 Mc1>
Naphtha CFR Japan <NACFRJPSD
M1/M2 Mc1>
Naphtha CFR Japan <NACFRJPSW
M2 Mc2>
Naphtha Japan-Sing <NAPTC4SPD
Netback M1 Mc1>
Naphtha Japan-Sing <NAPTC4SPD
Netback M2 Mc2>
Naphtha FOB Sing M1 <NAFOBSGSW
Mc1>
Naphtha FOB Sing <NAFOBSGSD
M1/M2 Mc1>
Naphtha FOB Sing M2 <NAFOBSGSW
Mc2>
Naphtha Cracks M1 <NACFRJPCK
Mc1>
East-West Naphtha <NAPJPEWMc
M1 1>
East-West Naphtha <NAPJPEWMc
M2 2>
NWE Naphtha M1 <NAPCNWEAM
c1>
NWE Naphtha M1/M2 <NAPCNWEAS
Mc1>
NWE Naphtha M2 <NAPCNWEAM
c2>
Crack NWE <NAPCNWEAC
Naphtha-Brent M1 Mc1>
Crack NWE <NAPCNWEAC
Naphtha-Brent M2 Mc2>
*Sing refers to
Singapore
(Reporting by Mohi Narayan; Editing by Eileen Soreng)
((Mohi.Narayan@thomsonreuters.com; ))
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