June 19, 2018 / 10:23 AM / 10 months ago

CORRECTED-Asia Naphtha/Gasoline-Gasoline hits 22-mth low; naphtha falls

 (Corrects gasoline value; adds deals)
    SINGAPORE, June 19 (Reuters) - Asia's naphtha crack extended losses and hovered near a two-month low for
the second day at $73.38 a tonne on Tuesday as supplies were expected to increase in July versus June.

    - More supplies coming through to Asia from the West including Europe and the Mediterranean have eroded
premiums, although levels were still leaning on the high side. 
    - South Korea's Hanwha Total had on Monday paid premiums of about $16 to $17 a tonne to Japan quotes on a
cost-and-freight (C&F) basis for slightly under 150,000 tonnes of heavy full-range naphtha scheduled for
first-half August delivery. 
    - In India, Bharat Petroleum Corp Ltd (BPCL) sold up to 40,000 tonnes of naphtha to Petro-Diamond for
July 4-5 loading from Kochi at a premium of about $24 a tonne to its own price formula on a free-on-board
(FOB) basis. 
    - This was down from the $36 a tonne premium BPCL had received for a June cargo sold to Gunvor but the
level was still higher versus the premium received for a cargo sold also to Gunvor for early May loading from
the same port.
    - Kuwait Petroleum Corp offered a 25,000-tonne heavy full naphtha cargo but the results were not known.
    - It had previously sold two cargoes for first-half July loading to a trader at premiums of $19 to $20 a
tonne to Middle East quotes on a FOB basis. 
    - In total, Kuwait had offered at least 75,000 tonnes of naphtha in the spot market for July loading,
similar to volumes offered for June loading but lower than May quantities at more than 120,000 tonnes. 
    * GASOLINE: Asia's gasoline crack to Brent oil hit a 22-month low of $4.50 a barrel as high crude prices
at over $74 and ample petrol supplies weighed. 
    - Expectations of gasoline stocks in the U.S. being lower last week compared to a week before that failed
to counter the bearish sentiment. 
    - A preliminary Reuters poll on Monday showed analysts had forecast a 500,000 barrels drop in U.S.
gasoline inventories.
    * TENDERS: Vietnam's Petrolimex had in last week bought 12,000 tonnes of 92-octane grade gasoline for
June 12-16 loading from Singapore at premiums of 60 cents a barrel to Singapore quotes on a FOB basis. 
    * CASH DEALS: Six gasoline deals.
 LIGHT DISTILLATES                                                                                           
 CASH ($/T)                     ASIA CLOSE             Change        % Change    Prev Close   RIC
 OSN Naphtha CFR Japan M1                      634.00          7.00        1.12       627.00  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                      626.50          6.50        1.05       620.00  NAF-2H-TYO
 OSN Naphtha Diff                                7.50          0.50        7.14         7.00  NAF-TYO-DIF
 Naphtha Netback FOB Sing                       68.90          0.78        1.15        68.12  NAF-SIN
 Naphtha Diff FOB Sing                           1.00          0.00        0.00         1.00  NAF-SIN-DIF
 Naphtha-Brent  Crack                           73.38         -3.94       -5.10        77.32  NAF-SIN-CRK
 Gasoline 97                                    82.60          0.55        0.67        82.05  GL97-SIN
 Gasoline 95                                    81.40          0.50        0.62        80.90  GL95-SIN
 Gasoline 92                                    79.25          0.20        0.25        79.05  GL92-SIN
 Gasoline crack                                  4.50         -1.26      -21.88         5.76  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 Sunil Nair/David Evans)
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