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Asia Naphtha/Gasoline-Gasoline profit margin jumps about 37% on week

Asia’s gasoline markets posted a weekly gain of about 37% on the back of tight supplies amid low fuel inventories at key trading hubs and firm demand, traders said.

The crack climbed to $17.02 a barrel over Brent crude on Friday from $12.17 a day earlier. The price of benchmark grade of the fuel jumped to the highest level since January at $103.60 per barrel. GL92-SIN-CRK, GL92-SIN

Light distillate stocks declined in Singapore this week as refinery supply in Asia was lower due to about 250,000 barrels per day (bpd) of refinery capacity being shut for unplanned maintenance in the region, energy consultancy FGE estimated.

Total U.S. gasoline inventories are now 13.8 million barrels below the 2015-2019 average and 3.9 million barrels below last year’s levels, FGE added.

At the physical window, energy traders SK Energy and PTT bought a cargo each of the 92-octane grade of the transport fuel, market participants said. O/AS

NEWS

– The International Energy Agency (IEA) on Friday said OPEC+ supply cuts could erode inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024.

– Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended.

PRICES

CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC
OSN Naphtha CFR Japan M1 666.00 -13.00 -1.91 679.00 NAF-1H-TYO
OSN Naphtha CFR Japan M2 661.25 -13.00 -1.93 674.25 NAF-2H-TYO
OSN Naphtha Diff 4.75 0.00 0.00 4.75 NAF-TYO-DIF
Naphtha Netback FOB Sing 72.00 -1.44 -1.96 73.44 NAF-SIN
Naphtha-Brent Crack 16.65 -3.63 -17.90 20.28 NAF-SIN-CRK
Gasoline 97 111.07 3.60 3.35 107.47 GL97-SIN
Gasoline 95 109.35 3.60 3.40 105.75 GL95-SIN
Gasoline 92 103.60 3.60 3.60 100.00 GL92-SIN
Gasoline crack 17.02 4.85 39.85 12.17 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

Source: Reuters

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