Oct 21 (Reuters) - Asia's naphtha margins rallied on Monday after falling for consecutive sessions in the previous week, boosted by stronger demand due to the restarting of several regional crackers.
The crack climbed by $4.77 to $109.43 per metric ton over Brent crude, from $104.65 on Friday.
Traders said that they remained optimistic that might distillate margins would strengthen through this year as demand is set to receive a push from China on the back of a number of new plants commencing operations towards the year end, improving market sentiments.
In gasoline, the crack slid to $5.69 per barrel over Brent crude, from $6.59 on Friday as low regional demand continued to put downward pressure on margins.
In tenders, Pakistan's PSO was seeking 92-octane gasoline for the loading period of Dec. 6-13, the company website listed. The tender closes on Oct. 28.
NEWS
Oil prices were broadly steady on Monday, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions in the Middle East.
Saudi Aramco is "fairly bullish" on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned oil giant said on Monday.
Indonesia's new government aims to revive oil and gas production, with plans to cut regulations, reactivate idle wells and enhance output at producing assets in hopes of reversing a decades-long decline in output, officials have said.
SINGAPORE CASH DEALS
No gasoline or naphtha deals.
PRICES
CASH ASIA CLOSE Change Prev Close RIC
OSN Naphtha CFR Japan M1 663.00 -0.25 663.25
($/mt)
OSN Naphtha CFR Japan M2 657.00 -0.25 657.25
($/mt)
OSN Naphtha Diff ($/mt) 6.00 0.00 6.00 <NAF-TYO-DIF
>
Naphtha Netback FOB Sing 71.67 0.03 71.64
($/bbl)
Naphtha Diff FOB Sing 0.40 0.00 0.40 <NAF-SIN-DIF
>
Naphtha-Brent Crack 109.43 4.78 104.65 <NAF-SIN-CRK
($/mt) >
Gasoline 97 ($/bbl) 83.44 -1.57 85.01
Gasoline 95 ($/bbl) 84.00 -1.57 85.57
Gasoline 92 ($/bbl) 79.50 -1.57 81.07
Gasoline crack ($/bbl) 5.69 -0.90 6.59 <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;))
Comments