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Asia Naphtha/Gasoline-Gasoline rebounds to 6-month high; naphtha up

Asia’s gasoline crack rebounded to a six-month high at $12.96 a barrel on Tuesday following a brief fall in the previous session, while the naphtha crack was at a four-session high of $78.45 a tonne, supported by weaker Brent crude.

– The recent firm demand for spot and term naphtha had also helped soak up supplies and drive up prices.

– Asia is expected to receive up to 3 million tonnes of naphtha from the Middle East this month, up from 2.5 to 2.6 million tonnes in July, data from Thomson Reuters Oil Research showed.

– Naphtha volumes arriving in Asia from the West including Europe are so far seen at up to 1.2 million tonnes, the data showed.

* TENDERS: India’s BPCL sold 33,000 tonnes of naphtha for Sept. 9-11 loading from Mumbai to Vitol at a premium of about $8 a tonne to Middle East quotes on a free-on-board (FOB) basis. – It had previously sold two cargoes for August loading from Mumbai at premiums of about $2 and $6 respectively.

* CASH DEALS: Four gasoline deals and one on naphtha.

LIGHT DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev Close

RIC OSN Naphtha CFR Japan M1 459.00 -7.00 -1.50 466.00

OSN Naphtha CFR Japan M2 459.00 -7.00 -1.50 466.00

OSN Naphtha Diff 0.00 0.00 0.00 0.00

Naphtha Netback FOB Sing 49.31 -0.78 -1.56 50.09

Naphtha Diff FOB Sing -0.05 0.00 0.00 -0.05

Naphtha-Brent Crack 78.45 1.62 2.11 76.83

Gasoline 97 68.20 -0.55 -0.80 68.75

Gasoline 95 66.55 -0.55 -0.82 67.10

Gasoline 92 63.70 -0.45 -0.70 64.15

Gasoline crack 12.96 0.65 5.28 12.31
Source: Reuters (Reporting by Seng Li Peng, editing by David Evans)

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