September 19, 2018 / 10:57 AM / a month ago

Asia Naphtha/Gasoline-Cracks ease; Formosa seeks Nov naphtha

    SINGAPORE, Sept 19 (Reuters) - Asia's naphtha crack eased 3 percent to a two-session low of $96.30 a
tonne on Wednesday amid plentiful supplies, trade and industry sources said. 
    - The current low spot prices at discount levels from Taiwan to South Korea, Japan and Malaysia are
in favour of buyers, they said. 
    - Asia's top naphtha importer Formosa Petrochemical emerged with tenders on Wednesday for cargoes
delivering to Mailiao in November. 
    - The Taiwanese firm usually issues one tender at a time but there were two tenders seen from
Formosa, traders said. 
    - One of the tenders was for open-specification naphtha for Nov. 11 to 20 delivery, while the other
was for similar grades but for Nov. 1-10 delivery. 
    - Formosa had on Sept. 12 paid a discount for cargoes scheduled for second-half October delivery,
the first discount it had paid since February this year.
    - Earlier this week, Japan's Asahi Kasei and South Korea's Hanwha Total had paid discounts for
cargoes delivering in first-half November.
           
    * TENDERS: India's Oil & Natural Gas Corp (ONGC) sold 35,000 tonnes of naphtha for Oct. 3-4 loading
from Mumbai to BP at premiums of about $9 a tonne to Middle East quotes on a free-on-board (FOB) basis. 
    - This was the lowest premium ONGC has fetched for a cargo sold out of Mumbai in about seven months.

      
    * GASOLINE: Asia's gasoline crack eased 0.8 percent to a sixth-session low of $8.49 a barrel,
weighed down by high oil prices. 
    
    * CASH DEALS: Two naphtha deals and one on gasoline. 
    
    * OTHER NEWS: China's gasoline demand will peak in 2025, according to a forecast released on Tuesday
by the research unit of China National Petroleum Corp.
 LIGHT DISTILLATES                                                                                      
 CASH ($/T)                     ASIA CLOSE          Change      % Change    Prev Close   RIC
 OSN Naphtha CFR Japan M1                   690.00        7.00        1.02       683.00  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                   688.00        7.50        1.10       680.50  NAF-2H-TYO
 OSN Naphtha Diff                             2.00       -0.50      -20.00         2.50  NAF-TYO-DIF
 Naphtha Netback FOB Sing                    75.15        0.81        1.09        74.34  NAF-SIN
 Naphtha Diff FOB Sing                        0.45        0.30      200.00         0.15  NAF-SIN-DIF
 Naphtha-Brent  Crack                        96.30       -2.90       -2.92        99.20  NAF-SIN-CRK
 Gasoline 97                                 91.80        1.25        1.38        90.55  GL97-SIN
 Gasoline 95                                 90.10        1.25        1.41        88.85  GL95-SIN
 Gasoline 92                                 87.65        1.25        1.45        86.40  GL92-SIN
 Gasoline crack                               8.49       -0.07       -0.82         8.56  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 Mark Potter)
  
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