Asia Gasoline Crack Down Slightly, Sentiment Positive!

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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 CLOSEChange% ChangePrev CloseRIC
OSN Naphtha CFR Japan M1658.250.250.04658.00NAF-1H-TYO
OSN Naphtha CFR Japan M2647.250.250.04647.00NAF-2H-TYO
OSN Naphtha Diff11.000.000.0011.00NAF-TYO-DIF
Naphtha Netback FOB Sing71.140.030.0471.11NAF-SIN
Naphtha-Brent Crack92.001.371.5190.63NAF-SIN-CRK
Gasoline 9799.91-0.30-0.30100.21GL97-SIN
Gasoline 9598.77-0.30-0.3099.07GL95-SIN
Gasoline 9294.50-0.30-0.3294.80GL92-SIN
Gasoline crack19.00-0.15-0.7819.15GL92-SIN-CRK
For a list of derivatives prices, including margins, please double click the RICs below.
Brent M1BRENTSGMc1
Naphtha CFR Japan M1NACFRJPSWMc1
Naphtha CFR Japan M1/M2NACFRJPSDMc1
Naphtha CFR Japan M2NACFRJPSWMc2
Naphtha Japan-Sing Netback M1NAPTC4SPDMc1
Naphtha Japan-Sing Netback M2NAPTC4SPDMc2
Naphtha FOB Sing M1NAFOBSGSWMc1
Naphtha FOB Sing M1/M2NAFOBSGSDMc1
Naphtha FOB Sing M2NAFOBSGSWMc2
Naphtha Cracks M1NACFRJPCKMc1
East-West Naphtha M1NAPJPEWMc1
East-West Naphtha M2NAPJPEWMc2
NWE Naphtha M1NAPCNWEAMc1
NWE Naphtha M1/M2NAPCNWEASMc1
NWE Naphtha M2NAPCNWEAMc2
Crack NWE Naphtha-Brent M1NAPCNWEACMc1
Crack NWE Naphtha-Brent M2NAPCNWEACMc2
*Sing refers to Singapore

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Source: XM