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亚洲石脑油/汽油-石脑油10月购买充足;汽油裂缝超过1年高点

2025-08-22 19:35

Updates with more details in paragraph 13

- Asia's naphtha markets recorded a slew of buying activity for October spot cargoes, though traders were grappling with talks of slightly tighter supply expectations going into next month.

Naphtha's refining margins NAF-SIN-CRK gained slightly from last week, closing at around $79.5 per ton on Friday.

A flurry of procurement from regional importers were done through the week and mostly at higher discussion levels from before, against a backdrop of slightly tighter fundamentals and steady demand.

October deals done by South Korea's petrochemical majors were in the range of small premiums of $2-$4 per ton to premiums of more than $15 per ton to CFR Japan prices for mostly October deliveries, depending on the grade.

Meanwhile, buying from two key southeast Asian importers were at slight discounts to flat for October deliveries to CFR Japan quotes.

A major Taiwan buyer also bought at least one cargo for October delivery at single-digit discounts to CFR Japan quotes.

Margins for producing most petrochemical derivatives remain positive, be it aromatics or olefins, encouraging the high run rates and firm naphtha demand, several trade sources said.

Supply-wise, sentiment was mixed as front-month markets looked slightly tight given a narrower arbitrage west-east price spread — averaging $20 per ton — and limited freight cost fluctuations week on week.

However, the arbitrage situation could change again if Asian markets stayed firm.

For gasoline, three cargoes for first-half September loading from Asia were sold to key buyer in the Americas region, though further details could not be confirmed.

Expectations on supply were mixed across the board, though most traders were of the consensus that regional demand is still firm.

Octane-92 gasoline refining margins GL92-SIN-CRK closed at more than a one-year high of around $11.9 a barrel, extending gains since early week.

On the Asian buying front, Taiwan's CPC Corp is seeking up to 250,000 barrels of octane-95 alkylates for delivery between September 20 and October 15.


NEWS

- Two tankers chartered by Chevron CVX.N carrying Venezuelan crude reached U.S. waters on Thursday, marking the first U.S. imports of the South American country's oil following a new license granted by Washington, vessel tracking data showed.

- Several regions in Russia and parts of Ukraine it controls are reporting gasoline shortages after Ukraine stepped up attacks on Russian oil refineries this month, and amid a seasonal surge in fuel demand.

- The Trump administration on Thursday issued more Iran-related sanctions, targeting 13 entities based in Hong Kong, China, the United Arab Emirates and the Marshall Islands, as well as eight vessels, the U.S. Treasury Department said.


INVENTORIES

- Gasoline stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were little changed at 1.05 million tons, data from Dutch consultancy Insights Global showed on Thursday. ARA/


SINGAPORE CASH DEALS O/AS

- One gasoline deal, no naphtha deal


REFINERY NEWS REF/OUT

- BP's BP.L 440,000-bpd refinery in Whiting, Indiana, continued to flare after flooding disrupted its operations earlier this week, the company said.


PRICES

CASH

ASIA CLOSE

Change

Prev Close

RIC

OSN Naphtha CFR Japan M1 ($/mt)

587.00

0.00

587.00

NAF-1H-TYO

OSN Naphtha CFR Japan M2 ($/mt)

583.50

0.00

583.50

NAF-2H-TYO

OSN Naphtha Diff ($/mt)

3.50

0.00

3.50

NAF-TYO-DIF

Naphtha Netback FOB Sing ($/bbl)

63.22

0.00

63.22

NAF-SIN

Naphtha-Brent Crack ($/mt)

79.48

-2.55

82.03

NAF-SIN-CRK

Gasoline 97 ($/bbl)

83.04

1.06

81.98

GL97-SIN

Gasoline 95 ($/bbl)

82.33

1.03

81.30

GL95-SIN

Gasoline 92 ($/bbl)

79.57

0.88

78.69

GL92-SIN

Gasoline crack ($/bbl)

11.90

0.54

11.36

GL92-SIN-CRK






For a list of derivatives prices, including margins, please double click the RICs below.

Brent M1

BRENTSGMc1




Naphtha CFR Japan M1

NACFRJPSWMc1




Naphtha CFR Japan M1/M2

NACFRJPSDMc1




Naphtha CFR Japan M2

NACFRJPSWMc2




Naphtha Japan-Sing Netback M1

NAPTC4SPDMc1




Naphtha Japan-Sing Netback M2

NAPTC4SPDMc2




Naphtha FOB Sing M1

NAFOBSGSWMc1




Naphtha FOB Sing M1/M2

NAFOBSGSDMc1




Naphtha FOB Sing M2

NAFOBSGSWMc2




Naphtha Cracks M1

NACFRJPCKMc1




East-West Naphtha M1

NAPJPEWMc1




East-West Naphtha M2

NAPJPEWMc2




NWE Naphtha M1

NAPCNWEAMc1




NWE Naphtha M1/M2

NAPCNWEASMc1




NWE Naphtha M2

NAPCNWEAMc2




Crack NWE Naphtha-Brent M1

NAPCNWEACMc1




Crack NWE Naphtha-Brent M2

NAPCNWEACMc2






(Reporting by Trixie Yap; Editing by Sahal Muhammed)

((trixie.yap@thomsonreuters.com;))

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