June 18, 2018 / 10:18 AM / 3 months ago

Asia Naphtha/Gasoline-Cracks hit near 2-mth low; Hanwha seeks cargoes

    SINGAPORE, June 18 (Reuters) - Asia's naphtha crack for first-half August hit $77.32 a tonne on Monday,
making it the lowest front-month value in nearly two months as supplies were expected to increase. 
    - Around 1.4 million tonnes of the fuel, which is used in the petrochemical industry and also to blend
with petrol, are expected to land in Asia in July, the highest monthly level since February.
    - This came at a time when Middle Eastern supplies to Asia this month at up to 2.8 million tonnes are
slightly higher than the average for January to May this year at about 2.7 million tonnes, said a weekly
report by Thomson Reuters Oil Research.
    - Demand remained firm but not enough to counter growing supplies. 
    - South Korea's Hanwha Total was looking to buy naphtha for first-half August delivery to Daesan, making
them the first to seek August naphtha through the tender method. 
    - Hanwha had previously withdrawn a tender to buy naphtha for second-half July delivery. 
    
    * JAPAN: Japan imported nearly 1.28 million tonnes of naphtha in May, recovering from a multi-year low
of below 750,000 tonnes in April due likely to cracker maintenance, official data showed. 

    - Japan's output of ethylene, made from naphtha feedstock, rose to a three-month high of nearly 500,000
tonnes in May, official data showed.
    - On the other hand, Cosmo Oil said it has shut some secondary units at the 100,000-barrel-per-day (bpd)
Sakai refinery on Monday for safety checks following a magnitude 6.1 quake that hit western Japan earlier in
the day.
    - But its only crude unit is not affected by the shutdown. 
    - JXTG Nippon Oil & Energy Corp on the other hand stopped running its 115,000 bpd Osaka refinery after
the earthquake to make checks but oil products shipments from the refinery have resumed after a brief halt.

    
    * GASOLINE: Asia's gasoline crack similar was near a two-month low of $5.76 a barrel as high supplies
weighed. 
    - Gasoline stocks held at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub for instance
rose to a seven-week high of 1.103 million tonnes in the week to June 14, data from Dutch consultancy PJK
International showed.
    - Although light distillates stocks, which comprise mostly gasoline, fell to more than a one-month low
of 12.6 million tonnes in the week to June 13, the inventories were 10.5 percent higher than a year ago,
official data showed.
    
    * CASH DEALS: No deals despite eleven bids, made mostly by Unipec for 95-octane gasoline cargoes. 
 LIGHT DISTILLATES                                                                                          
 CASH ($/T)                         ASIA CLOSE         Change         % Change     Prev       RIC
                                                                                   Close      
 OSN Naphtha CFR Japan M1                      627.00         -34.50        -5.22     661.50  NAF-1H-TYO
 OSN Naphtha CFR Japan M2                      620.00         -31.50        -4.83     651.50  NAF-2H-TYO
 OSN Naphtha Diff                                7.00          -3.00       -30.00      10.00  NAF-TYO-DIF
 Naphtha Netback FOB Sing                       68.12          -3.80        -5.28      71.92  NAF-SIN
 Naphtha Diff FOB Sing                           1.00          -0.20       -16.67       1.20  NAF-SIN-DIF
 Naphtha-Brent  Crack                           77.32          -9.68       -11.13      87.00  NAF-SIN-CRK
 Gasoline 97                                    82.05          -4.15        -4.81      86.20  GL97-SIN
 Gasoline 95                                    80.90          -4.15        -4.88      85.05  GL95-SIN
 Gasoline 92                                    79.05          -3.95        -4.76      83.00  GL92-SIN
 Gasoline crack                                  5.76          -0.64       -10.00       6.40  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 Amrutha Gayathri)
  
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