Oct 15 (Reuters) - Asia's gasoline margins slumped on Tuesday, as a rebound in supply from China seems to inverse the upside that was seen in the previous week.
The crack fell to a week's low $3.98 per barrel over Brent crude on Tuesday, its lowest since Oct. 8.
Thailand's PTT was the main seller at the end of the trade window, selling 50% of the 300,000 barrels that were traded.
Regional traders said that the rally seen in gasoline margins the previous week is unlikely to continue, as there is an excess of surplus going into the last quarter of the year.
"The Florida gas station outage ease, and softer demand from China continues to put a dim light on the future margins of gasoline," a regional trader further added.
In naphtha, the crack dipped by $3.25 to $113.10 per metric ton over Brent crude. The crack has held steady above the $100 mark for the past three weeks, with frequent ebbs and flows.
Traders said that the restart of Japan's Mitsui Chemical and Taiwan's Formosa Petrochemical Corp cracker are expected to provide support for naphtha demand.
NEWS
Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel is willing to not strike Iranian oil targets, easing fears of a supply disruption.
The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said on Tuesday as it reassured markets that the agency stood ready to act if needed to cover any supply disruption from Iran.
French oil major TotalEnergies expects its third-quarter downstream results to sharply decrease due to a 65% drop in refining margins in Europe and elsewhere, the company said on Tuesday amid a drop in global oil prices.
SINGAPORE CASH DEALS
Five gasoline deals and one naphtha trade.
PRICES
CASH ASIA CLOSE Change Prev Close RIC
OSN Naphtha CFR Japan M1 670.50 -30.25 700.75
($/mt)
OSN Naphtha CFR Japan M2 665.00 -30.25 695.25
($/mt)
OSN Naphtha Diff ($/mt) 5.50 0.00 5.50 <NAF-TYO-DIF
>
Naphtha Netback FOB Sing 72.50 -3.31 75.81
($/bbl)
Naphtha Diff FOB Sing 0.40 0.00 0.40 <NAF-SIN-DIF
>
Naphtha-Brent Crack 113.10 -3.25 116.35 <NAF-SIN-CRK
($/mt) >
Gasoline 97 ($/bbl) 82.24 -4.70 86.94
Gasoline 95 ($/bbl) 82.80 -4.70 87.50
Gasoline 92 ($/bbl) 78.30 -4.70 83.00
Gasoline crack ($/bbl) 3.98 -1.10 5.08 <GL92-SIN-CR
K>
For a list of derivatives prices, including margins, please double click the
RICs below.
Brent M1
Naphtha CFR Japan M1 <NACFRJPSWMc1
>
Naphtha CFR Japan M1/M2 <NACFRJPSDMc1
>
Naphtha CFR Japan M2 <NACFRJPSWMc2
>
Naphtha Japan-Sing <NAPTC4SPDMc1
Netback M1 >
Naphtha Japan-Sing <NAPTC4SPDMc2
Netback M2 >
Naphtha FOB Sing M1 <NAFOBSGSWMc1
>
Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1
>
Naphtha FOB Sing M2 <NAFOBSGSWMc2
>
Naphtha Cracks M1 <NACFRJPCKMc1
>
East-West Naphtha M1
East-West Naphtha M2
NWE Naphtha M1
NWE Naphtha M1/M2 <NAPCNWEASMc1
>
NWE Naphtha M2
Crack NWE Naphtha-Brent <NAPCNWEACMc1
M1 >
Crack NWE Naphtha-Brent <NAPCNWEACMc2
M2 >
*Sing refers to
Singapore
(Reporting by Haridas; Editing by Janane Venkatraman)
((Haridas.X@thomsonreuters.com;))
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