Singapore — The Asian light ends market fell in Dec. 14 morning, dragged by losses in the Brent crude complex.
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Saudi Aramco is expected to announce its acceptance of January LPG term nominations by the week's end.
ICE February Brent crude futures fell 39 cents/b from the Dec. 11 Asian close to $50.10/b at 0300 GMT Dec. 14.
GASOLINE
** The January FOB Singapore 92 RON gasoline swap opened the week at about $52.80/b, falling about 1% from the previous trading session, as lower crude prices and a cautious trading sentiment capped the upside in the motor fuel complex. The US RBOB/Brent crack stayed largely unchanged at 0230 GMT Dec. 14, up 0.04% from Dec. 11 Asian close.
** The market sentiment was cautious, with regional supply rising in the near term led by Chinese gasoline exports, expected at about 2 million mt in December. Four LR1 tankers were heard placed on subjects to load gasoline mid-December for a Zhoushan to Singapore voyage. Zhejiang Petroleum & Chemical, which in November received new oil products export quotas from the Chinese government, exports out of Zhoushan port.
** The market is eyeing results of Thai Oil's 2021 term tender, which sought up to 1.44 million barrels of 92 RON catalytic cracked gasoline for delivery in 2021 to Sri Racha. The tender, which closes Dec. 14 with validity until Dec. 16, seeks double the volume sought in the company's 2020 term tender, which was for up to 720,000 barrels for delivery in April-December, S&P Global Platts reported earlier.
NAPHTHA
** The physical CFR Japan naphtha benchmark stood at $443.75/mt early Dec. 14, down $4.75/mt from the Dec. 11 Asian close, on lower crude prices.
** The key naphtha East-West spread has been on the retreat as European naphtha market gains had outpaced that of the Asian segment, narrowing the January East-West spread to $16/mt at the Dec. 11 Asian close from $18/mt Dec 7, Platts data showed. The downtrend continued in midmorning trading Dec. 14 as brokers pegged the January East-West spread narrower at $15.50/mt. The narrowing arbitrage could lower traders' interest to send European naphtha barrels to Asia.
** A slightly softer sentiment was also reflected in swaps, as brokers pegged the front-month January-February Mean of Platts Japan naphtha swaps spread at $1.50/mt during midmorning trading Dec. 14, down from the $1.75/mt spread at the Dec. 11 Asian close, Platts data showed.
LPG
** The front-month January CP propane swap was notionally indicated Dec. 14 at $450/mt from $460/mt on Dec. 11. The butane CP swap was indicated $6/mt below propane, with the discount widening after butane first flipped to a discount Dec. 10 in little more than three months amid India demand lull.
** The January CP swap eased from near 11-month highs seen Dec. 11 as Brent crude prices fell while supply from the US and Middle East was ample to meet Chinese and north Asian petrochemicals demand.
** January-February CP propane swap backwardation was indicated at $3/mt versus $8/mt the previous session, and February-March was at $15/mt Dec. 14, steady from the session before.
** Saudi Aramco is set to announce acceptances of January term nominations in the week ending Dec. 19. Abu Dhabi National Oil Co had announced acceptances for January cargo nominations with at least one delay, but no cuts, while Qatar's acceptances came with no cuts and delays, sources said.
** Very Large Gas Carrier freight rates from Persian Gulf to Japan are set to rise further on tonnage tightness, sources said, amid difficulties securing a ship out of the Middle East, after rates touched the highest in five years and five months at $109/mt Dec. 11.
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December 14, 2020 at 11:40AM
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