Asia's naphtha markets were buoyed by some firm buying activity, though supply outlooks stayed mixed across the board, while gasoline markets remained robust.
On the buying front, Indonesia's Pertamina is seeking for October-delivery naphtha to Tuban via spot tender that closes Wednesday with validity till Friday.
Previously, Lotte Chemical bought two cargoes for second-half September and first-half October delivery at very slight premiums to CFR Japan quotes.
Some spot discussions were also underway for October deliveries in southeast Asia, with at least one buyer likely to confirm purchases in the next few days.
However, scheduled maintenance at some steam cracker units in South Korea is likely to limit overall demand in October, some analysts say.
Naphtha refining margins (NAF-SIN-CRK) eased slightly to around $82 per ton.
Meanwhile, South Korea's petrochemical majors are expecting to hold a meeting with local government officials on possible restructuring plans tomorrow, some traders say.
Similar to naphtha, gasoline markets were well supported by firm market fundamentals as regional buying interest was upbeat from some prolonged production outages.
Gasoline refining margins (GL92-SIN-CRK) fell slightly below $11 per barrel though supply-demand fundamentals remained strong.
On the selling front, Qatar Energy is offering octane-95 gasoline for first-half September via a spot tender that closes today with same-day validity.
India's MRPL sold around 35,000 tons of octane-95 gasoline loading in end-August at premiums of around $2 to Arab Gulf price quotes.
NEWS
- Indonesia plans to build a network of small modular refineries to process U.S. and domestic oil, aiming to reduce gasoline imports, but analysts warn the switch in strategy from large-scale refining facilities could prove uneconomical.
- Brazil's Petrobras cannot afford to miss out on the opportunity to sell liquefied petroleum gas (LPG), or cooking gas, as it is a high-margin business, CEO Magda Chambriard said on Monday.
REFINERY NEWS
- Russia's Syzran oil refinery suspended production and crude intake after a Ukrainian drone attack last Friday, two industry sources said on Monday.
SINGAPORE CASH DEALS
- No deals for both fuels
PRICES
CASH
ASIA CLOSE
Change
Prev Close
RIC
OSN Naphtha CFR Japan M1 ($/mt)
577.00
0.00
577.00
(NAF-1H-TYO)
OSN Naphtha CFR Japan M2 ($/mt)
573.50
0.00
573.50
(NAF-2H-TYO)
OSN Naphtha Diff ($/mt)
3.50
0.00
3.50
(NAF-TYO-DIF)
Naphtha Netback FOB Sing ($/bbl)
62.11
0.00
62.11
(NAF-SIN)
Naphtha-Brent Crack ($/mt)
81.70
-2.40
84.10
(NAF-SIN-CRK)
Gasoline 97 ($/bbl)
80.41
0.37
80.04
(GL97-SIN)
Gasoline 95 ($/bbl)
79.71
0.31
79.40
(GL95-SIN)
Gasoline 92 ($/bbl)
77.00
0.20
76.80
(GL92-SIN)
Gasoline crack ($/bbl)
10.96
-0.12
11.08
(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