NEW DELHI, Jan 22 (Reuters) - Asia's naphtha prices jumped on Thursday, tracking the gains in crude oil benchmarks and prospects of firm demand from China due to an impending tax overhaul, traders and analysts said.
The price for first-half March cargo rose by $13.50 to $570.25 per metric ton. The refining profit margin for naphtha rose by about $6 to $82.75 a ton over Brent crude.
Chinese tax authorities told naphtha suppliers in December that domestic sales of the feedstock would be subjected to consumption tax and associated surcharges from the first quarter of 2026, consultancies GL Consulting and FGENexant said in separate notes.
These taxes, which were previously waived, would apply to naphtha transactions between refineries and end-users.
The gasoline refining profit margin was steady above $7 per barrel over Brent crude on Thursday amid muted activity at the deals window.
INVENTORIES
Singapore light distillate stocks rose by 297,000 barrels to 15.821 million barrels in the week to January 21, Enterprise Singapore data showed. O/SING1
NEWS
- India's Reliance Industries, operator of the world's largest refining complex, is set to receive sanctions-compliant Russian oil in February and March after a one-month pause, four sources familiar with the matter said.
- Two oil tankers seized this month by the U.S. in its campaign against Venezuela were near Puerto Rico on Wednesday, a Reuters witness and Tankertrackers.com data said, the first sightings almost since their capture and a possible hint at their destination.
SINGAPORE CASH DEALS O/AS
No trades.
PRICES
CASH | ASIA CLOSE | Change | Prev Close | RIC |
OSN Naphtha CFR Japan M1 ($/mt) | 556.75 | 0.00 | 556.75 | NAF-1H-TYO |
OSN Naphtha CFR Japan M2 ($/mt) | 552.25 | 0.00 | 552.25 | NAF-2H-TYO |
OSN Naphtha Diff ($/mt) | 4.50 | 0.00 | 4.50 | NAF-TYO-DIF |
Naphtha Netback FOB Sing ($/bbl) | 59.86 | 0.00 | 59.86 | NAF-SIN |
Naphtha-Brent Crack ($/mt) | 76.98 | 0.00 | 76.98 | NAF-SIN-CRK |
Gasoline 97 ($/bbl) | 73.77 | 0.00 | 73.77 | GL97-SIN |
Gasoline 95 ($/bbl) | 72.85 | 0.00 | 72.85 | GL95-SIN |
Gasoline 92 ($/bbl) | 71.95 | 0.00 | 71.95 | GL92-SIN |
Gasoline crack ($/bbl) | 7.98 | 0.00 | 7.98 | 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 | ||||
(Reporting by Mohi Narayan; Editing by Rashmi Aich)
((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))
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