Asia’s gasoline refining profit margin inched lower on Monday, although it still hovered near eight-month highs touched last week on robust demand.
The crack for gasoline was 15 cents down at $19 a barrel in absence of a deal at the Singapore window. GL92-SIN-CRK
“Global gasoline cracks will retreat in the coming weeks as crude recovers and the market adjusts to the impact of France strikes. That said, Asia gasoline cracks will remain supported by a stronger pull of gasoline and blendstocks to the West in May and June,” analysts at FGE said in a note.
Adding to the bullish sentiment, Australia’s Ampol Ltd ALD.AX had to temporarily shut down one of its units in Queensland-based Lytton refinery to fix a technical issue with a slide valve, which will impact gasoline production. nL1N35Y0GD
Meanwhile, the naphtha crack rose by $1.38 to $92 a tonne on Monday and the backwardation between first-half May and first-half June stood at $11 per tonne.
NEWS
– Saudi Aramco’s 222.SE Jizan refinery is set to increase output of ultra-low sulphur diesel (ULSD) and reduce exports of vacuum gasoil (VGO) as it ramps up production in the second quarter, industry sources said. nL4N35W17M
– Chinese private refiner Zhejiang Petrochemical has agreed to sell 1 billion shares in its trading arm, Rongsheng Petrochemical 002493.SZ, to Saudi Arabian Oil Company’s Unit, Rongsheng said on Monday.
PRICES
| CASH ($/T) | ASIA CLOSE | Change | % Change | Prev Close | RIC |
| OSN Naphtha CFR Japan M1 | 658.25 | 0.25 | 0.04 | 658.00 | NAF-1H-TYO |
| OSN Naphtha CFR Japan M2 | 647.25 | 0.25 | 0.04 | 647.00 | NAF-2H-TYO |
| OSN Naphtha Diff | 11.00 | 0.00 | 0.00 | 11.00 | NAF-TYO-DIF |
| Naphtha Netback FOB Sing | 71.14 | 0.03 | 0.04 | 71.11 | NAF-SIN |
| Naphtha-Brent Crack | 92.00 | 1.37 | 1.51 | 90.63 | NAF-SIN-CRK |
| Gasoline 97 | 99.91 | -0.30 | -0.30 | 100.21 | GL97-SIN |
| Gasoline 95 | 98.77 | -0.30 | -0.30 | 99.07 | GL95-SIN |
| Gasoline 92 | 94.50 | -0.30 | -0.32 | 94.80 | GL92-SIN |
| Gasoline crack | 19.00 | -0.15 | -0.78 | 19.15 | 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 | |||||
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Source: XM
