June 11, 2018 / 11:26 AM / 2 months ago

Asia Naphtha/Gasoline-Cracks at two-session high as oil price eases

    SINGAPORE, June 11 (Reuters) - Asia's gasoline crack edged up 14 cents on Monday to a
two-session high of $6.73 a barrel while the naphtha crack was also at a two-session high of
$81.85 a tonne, as lower oil prices provided some respite to refiners. 
    - But naphtha spot premiums were softening compared to a month ago. 
    - South Korea's YNCC for instance bought naphtha for second-half July arrival at Yeosu at
premiums of about $9.50 a tonne to Japan quotes on a cost-and-freight (C&F) basis. 
    - This was lower versus the $13 a tonne premium it had paid about a month ago for cargoes
scheduled for second-half June delivery.
    
    * TENDERS: Petron has offered 120,000 barrels of naphtha with a minimum 65 percent of
paraffin content for June 26-28 loading from Bataan, the Philippines, through a tender closing
on June 13, with bids to stay valid until June 14. 
    - Kuwait Petroleum Corp (KPC) offered 28,000 tonnes of light for July 4-5 loading and 25,000
tonnes of full-range naphtha for July 6-7 loading through a spot tender closing on June 12. 
    - The Middle Eastern supplier last week concluded talks with buyers and has set premiums for
full-range naphtha lifting from Kuwait between August 2018 and July 2019 at $20 a tonne to
Middle East quotes on a free-on-board (FOB) basis.
    - Light grade for the same 12-month lifting period was set at a premium of $21.50 a tonne. 
    - These fresh contract premiums were more than double versus a contract sealed last year for
August 2017 to July 2018. 
    - Vietnam's Petrolimex is seeking 12,000 tonnes of 92-octane grade gasoline for June 12-16
loading from Southeast Asia or Van Phong terminal in Vietnam through a tender closing on June
11. 
     
    * CASH DEALS: No gasoline deals but there were four in naphtha.
    
    * OTHER NEWS: France's Total said personnel from the oil and gas company had access to four
refineries in France and a blockade of the sites by farmers had not had an impact on operations.

    - In China, Tianjin will use start using gasoline with added ethanol in most vehicles by end
of September, according to a document published on the city government's website on Monday.

   - Beijing is pushing the use of ethanol in gasoline nationwide by 2020. 
   - Chinese automobile sales in May in the meantime rose 9.6 percent from a year earlier to
2.29 million vehicles, an industry association said, with sales continuing to gain momentum.

    
 LIGHT DISTILLATES                                                                              
 CASH ($/T)                     ASIA CLOSE      Change    % Change   Prev Close   RIC
 OSN Naphtha CFR Japan M1               655.00     -2.50      -0.38       657.50  NAF-1H-TYO
 OSN Naphtha CFR Japan M2               645.00     -2.25      -0.35       647.25  NAF-2H-TYO
 OSN Naphtha Diff                        10.00     -0.25      -2.44        10.25  NAF-TYO-DIF
 Naphtha Netback FOB Sing                71.17     -0.28      -0.39        71.45  NAF-SIN
 Naphtha Diff FOB Sing                    1.20      0.05       4.35         1.15  NAF-SIN-DIF
 Naphtha-Brent  Crack                    81.85      1.17       1.45        80.68  NAF-SIN-CRK
 Gasoline 97                             86.40     -0.70      -0.80        87.10  GL97-SIN
 Gasoline 95                             85.20     -0.65      -0.76        85.85  GL95-SIN
 Gasoline 92                             83.15     -0.35      -0.42        83.50  GL92-SIN
 Gasoline crack                           6.73      0.14       2.12         6.59  GL92-SIN-CRK
                                                                                                
 For a list of derivatives prices, including margins, please double                             
 click the RICs below.                                                            
 Brent M1                                                                                       
 Naphtha CFR Japan M1                                                                           
 Naphtha CFR Japan M1/M2                                                                        
 Naphtha CFR Japan M2                                                                           
 Naphtha Japan-Sing Netback M1                                                                  
 Naphtha Japan-Sing Netback M2                                                                  
 Naphtha FOB Sing M1                                                                            
 Naphtha FOB Sing M1/M2                                                                         
 Naphtha FOB Sing M2                                                                            
 Naphtha Cracks M1                                                                              
 East-West Naphtha M1                                                                           
 East-West Naphtha M2                                                                           
 NWE Naphtha M1                                                                                 
 NWE Naphtha M1/M2                                                                              
 NWE Naphtha M2                                                                                 
 Crack NWE Naphtha-Brent M1                                                                     
 Crack NWE Naphtha-Brent M2                                                                     
 *Sing refers to Singapore                                                                      
 
 (Reporting by Seng Li Peng; editing by David Evans)
  
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