NEW DELHI, May 15 (Reuters) - Asia's naphtha markets extended declines on Wednesday on worries of declining demand due to more plant capacity going offline in the region for the ongoing maintenance season.
The crack fell to $47.38 per metric ton over Brent crude, compared with $50.98 per ton a day earlier.
Indonesian chemical company Chandra Asri Group has shut down its petrochemical plant in Cilegon for about 55 days for scheduled maintenance, the company said in a statement on Wednesday.
The maintenance, which started on May 7, includes the integration of new facilities with existing ones to strengthen the "self-sufficiency of the domestic industry", the company added.
Chandra Asri Group operates a naphtha cracker, a styrene monomer plant, a butadiene plant, Methyl tert-butyl ether (MTBE) and Butene-1 plants at the Cilegon complex.
At least one other cracker is rumoured to be undergoing maintenance since last week, market participants said.
NEWS
- The International Energy Agency $(IEA)$ trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year.
- Jincheng Petrochemical，a newly restructured independent refiner controlled by the Liaoning provincial government in northeastern China, is seeking crude oil import quotas for its three plants, four sources with knowledge of the matter said.
SINGAPORE CASH DEALS
Two naphtha trades, no gasoline deals.
PRICES
CASH ASIA CLOSE Change % Prev RIC
Change Close
OSN Naphtha CFR 668.00 -6.00 -0.89 674.00 <NAF-1H-T
Japan M1 ($/mt) YO>
OSN Naphtha CFR 656.00 -3.75 -0.57 659.75 <NAF-2H-T
Japan M2 ($/mt) YO>
OSN Naphtha Diff 12.00 -2.25 -15.79 14.25 <NAF-TYO-
($/mt) DIF>
Naphtha Netback FOB 72.22 -0.62 -0.85 72.84
Sing ($/bbl)
Naphtha-Brent Crack 47.39 -3.59 -7.04 50.98 <NAF-SIN-
($/mt) CRK>
Gasoline 97 ($/bbl) 94.91 -0.94 -0.98 95.85 <GL97-SIN
>
Gasoline 95 ($/bbl) 94.62 -0.94 -0.98 95.56 <GL95-SIN
>
Gasoline 92 ($/bbl) 90.21 -0.94 -1.03 91.15 <GL92-SIN
>
Gasoline crack 7.46 -0.62 -7.67 8.08 <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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