June 12, 2018 / 9:53 AM / 6 days ago

Asia Naphtha/Gasoline-Naphtha gains; Formosa seeks July cargoes

    SINGAPORE, June 12 (Reuters) - Asia's naphtha crack extended gains for a second day to
reach a four-session high of $82.13 a tonne on Tuesday due to higher demand. 
    - Taiwan's Formosa Petrochemical sought open-specification naphtha for second-half July
arrival at Mailiao through a tender due to be awarded on June 14. 
    - It had in late May bought the fuel for first-half July arrival at Mailiao at premiums
of about $15 a tonne to its own price formula on a cost-and-freight (C&F) basis.
    - That was the highest premium it had paid since 2014.
    - Earlier this month, Formosa shut the smallest of the three naphtha crackers for a
planned maintenance.
    
    * TENDERS: Indian Oil Corp sold 35,000 tonnes of naphtha to Vitol for July 1-3
loading from Chennai, but the premium was unknown, traders said. 
    - Mangalore Refinery and Petrochemicals Ltd (MRPL) has an outstanding tender to sell
35,000 tonnes for July 10-12 loading from New Mangalore. 
    
    * GASOLINE: Asia's gasoline crack hit a five-week low of $6.35 a barrel as high stocks
weighed, but India appeared to be a bright spot with surging demand. 
    - India's domestic sales for diesel and gasoline, for instance, rose to record highs in
May, with consumption of the latter having climbed to 2.46 million tonnes.
    - That made its gasoline consumption reaching the highest monthly sales figure in the
Petroleum Planning and Analysis Cell (PPAC) data going back to April 1998.
    - However, in the United States, analysts have forecast that stockpiles of gasoline
 had risen by about 100,000 barrels last week.

    * CASH DEALS: Three gasoline deals but none on naphtha. 
    
    * OTHER NEWS: Royal Dutch Shell on Monday reported a small fire and explosion during
maintenance on a tank at its Carson, California distribution facility.
    - There was about 60,100 barrels of gasoline in the tank when the incident occurred. 
    -  Sinopec said its Tianjin refinery will be able to produce 120,000 tonnes of ethanol
gasoline per month by October 1, a deadline for the city to replace traditional fuel with
biofuel.
    
 LIGHT DISTILLATES                                                                           
 CASH ($/T)                       ASIA CLOSE         Change    %       Prev    RIC
                                                               Change  Close   
 OSN Naphtha CFR Japan M1                    658.50      3.50    0.53  655.00  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                    648.50      3.50    0.54  645.00  NAF-2H-TYO
 OSN Naphtha Diff                             10.00      0.00    0.00   10.00  NAF-TYO-DIF
 Naphtha Netback FOB Sing                     71.56     -0.11   -0.15   71.67  NAF-SIN
 Naphtha Diff FOB Sing                         1.20      0.00    0.00    1.20  NAF-SIN-DIF
 Naphtha-Brent  Crack                         82.13      0.28    0.34   81.85  NAF-SIN-CRK
 Gasoline 97                                  86.65      0.25    0.29   86.40  GL97-SIN
 Gasoline 95                                  85.40      0.20    0.23   85.20  GL95-SIN
 Gasoline 92                                  83.20      0.05    0.06   83.15  GL92-SIN
 Gasoline crack                                6.35     -0.38   -5.65    6.73  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 Sherry Jacob-Phillips)
  
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