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Share Price Information for BP (BP.)

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Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
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Low: 506.10
Prev. Close: 515.80
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Asia Gasoline/Naphtha-Gasoline crack recovers; Essar cuts supplies

Thu, 17th Apr 2014 08:33

SINGAPORE, April 17 (Reuters) - The Asian gasoline crackrecovered from a week's low on Thursday to reach a two-sessionhigh of $10.50 a barrel, or 13.27 percent higher than a monthago, as an outage in India impacted supplies. Essar Oil has reduced its gasoline output due to atechnical problem at a continuous catalytic reformer (CCR), acompany spokesman said, adding that it will take about afortnight to resolve the technical issue. "Because of this, our gasoline production will be impacted,"he added. Traders said Essar had, before the outage, sold two gasolinecargoes totalling at least 110,000 tonnes for April loading. Oneof the cargoes went to BP for April 18-19 loading andanother for April 26-28 loading to Vitol. They added that the cargo sold to BP will be delayed byweeks, but it was unclear if Vitol's cargo will be affected. Ten gasoline deals totalling 500,000 barrels were transactedin the Singapore cash market, five times the volumes done in theprevious session. (See Singapore cash deals below) NAPHTHA FLAT Asia's naphtha crack was mostly flat at $135.88 a tonne, ornearly 8 percent higher than what it was a month ago as currenttighter supplies supported sellers' sentiment. The strong fundamentals were reflected in the recent spotdeals done, with the latest on Reliance Industries. The Indian refiner sold a long-range vessel size naphthacargo for May 15-20 loading from Sikka at premiums in the high$30s a tonne level to Middle East quotes on a free-on-board(FOB) basis, traders said on Thursday. They added that the buyer could be an oil major, but thiscould not be directly confirmed. The last time Reliance receivedhigh $30s a tonne was for a January 2014 lifting cargo. "Although European cargoes being fixed for May arrival inAsia could be higher than what was initially expected, Asia'sinventories are still comparatively low due to strong demand,"said a Singapore-based trader. Traders said cargoes arriving in Asia from Europe and theMediterranean may have increased to about 1.3 million tonnes,from an earlier expectations of up to 1 million tonnes. SINGAPORE CASH DEALS: Twelve deals, of which two were onnaphtha and ten on gasoline. BP bought two 92-octane gasoline cargoes for May 7-11loading at $119.90 a barrel each from Trafigura and Phillips 66. The oil major bought another 92-octane gasoline cargo fromTrafigura for May 13-17 loading at $119.70 a barrel. Vitol bought a 92-octane gasoline cargo for May 13-17loading from Glencore at $119.80 a barrel and from Trafigura asimilar grade cargo for May 7-11 loading at $119.90 a barrel. Shell bought two 95-octane gasoline cargoes, one of whichwas from PetroChina for May 9-13 loading at $123.40 a barrel andthe other from Unipec for May 8-12 loading at $123.50 a barrel. Unipec bought two 92-octane gasoline cargoes from Trafigurafor May 7-11 loading at $119.90 a barrel and $120.00 a barrelrespectively. Glencore sold to PetroChina a 92-octane gasoline cargo forMay 13-17 loading at $120.00 a barrel. On naphtha, BP inked a first-half June/first-half Julyspread deal with buyer Shell at $17 a tonne. Shell also bought a second-half June naphtha cargo fromVitol at $948 a tonne. LIGHT DISTILLATES CASH ($/T) ASIA CLOSE Change % Change Prev RIC Close OSN Naphtha CFR Japan M1 956.75 -2.00 -0.21 958.75 OSN Naphtha CFR Japan M2 939.75 -2.13 -0.23 941.88 OSN Naphtha Diff 17.00 0.00 0.00 17.00 Naphtha Netback FOB Sing 104.17 -0.19 -0.18 104.36 Naphtha Diff FOB Sing 2.89 -0.02 -0.69 2.91 Naphtha-Brent Crack 135.88 0.70 0.52 135.18 Gasoline 97 124.50 0.50 0.40 124.00 Gasoline 95 123.45 0.85 0.69 122.60 Gasoline 92 119.95 0.55 0.46 119.40 Gasoline crack 10.50 0.91 9.49 9.59 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 Anupama Dwivedi)

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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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