Asian naphtha spot activity was thin on the trading window, though market fundamentals were still expected to remain firm in the near term.
Refining margins (NAF-SIN-CRK) held firm at $99 per metric ton. So far, on the supply front, naphtha shipments out of the Middle East have declined slightly month on month from the shipping fixtures perspective, two shipping sources said.
Buying interest is gradually moving to December arrival cargoes, several traders said, with demand likely to remain firm compared with November.
However, there was some cautiousness about the widening LPG-naphtha spreads on November paper markets which could have a knock-on effect on naphtha demand going forward.
Meanwhile, gasoline timespreads and refining margins (GL92-SIN-CRK) remained supported at $12.5 a barrel as front-month fundamentals remained firm.
Buying from Indonesia, continuous supply disruptions in Malaysia and limited China-origin exports remained key drivers, trade sources said.
For tenders, Indonesia's Pertamina was seeking 170,000 barrels of high octane gasoline blending component via a tender that closes today and valid until Friday.
NEWS
- A supertanker carrying oil to the Chinese port of Rizhao in Shandong province changed its destination from there over the weekend after the U.S. imposed sanctions on an import terminal at the port on Friday, LSEG data shows.
- China's crude oil imports rose 3.9% in September from a year earlier as refineries operated at their highest utilisation rates this year.
- Hundreds of striking lashers in the port of Rotterdam will suspend their walkout for at least five days from Monday morning, as union leaders and employers try to reach agreement on a new wage deal, a court said.
SINGAPORE CASH DEALS
- One gasoline deal, no naphtha deal
PRICES
CASH
ASIA CLOSE
Change
Prev Close
RIC
OSN Naphtha CFR Japan M1 ($/mt)
575.50
-10.00
585.50
(NAF-1H-TYO)
OSN Naphtha CFR Japan M2 ($/mt)
565.50
-10.00
575.50
(NAF-2H-TYO)
OSN Naphtha Diff ($/mt)
10.00
0.00
10.00
(NAF-TYO-DIF)
Naphtha Netback FOB Sing ($/bbl)
61.94
-1.11
63.06
(NAF-SIN)
Naphtha-Brent Crack ($/mt)
99.03
0.72
98.30
(NAF-SIN-CRK)
Gasoline 97 ($/bbl)
79.89
-0.81
80.70
(GL97-SIN)
Gasoline 95 ($/bbl)
78.70
-0.80
79.50
(GL95-SIN)
Gasoline 92 ($/bbl)
76.10
-1.20
77.30
(GL92-SIN)
Gasoline crack ($/bbl)
12.57
0.23
12.34
(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