<div id="readability-page-1"><div> Asia's naphtha spot activity remained upbeat, with February demand in focus, though some buyers were hesitant to make more purchases amid limited derivative demand. February buying interest was brisk, with South Korea's Lotte Chemical heard to be seeking at least one lot of 25,000 metric tons cargo for first-half delivery to Yeosu via a tender that closes on Tuesday. A second South Korean cracker operator was still mulling its February purchase, given a lack of clarity on run rates. For now, discussions were at premiums of $1-5 per metric ton, depending on arrival port and time, some traders said, stable to soft from a week-ago level. The H1 February and H1 March intermonth spreads held steady at $3.75 per ton, with front-month price pressure evident from the previous trading session amid rising Western supply concerns. Refining margins fell slightly to around $77 per metric ton. (NAF-SIN-CRK) For gasoline, selling activity from trading house Trafigura continued at the window. The Western trading major has so far sold more than 1.5 million barrels of octane-92 gasoline on the window for December 30 to January 29 loading, data from trading sources showed. Refining margins eased further to fall below $10 a barrel for the first time since the end of August (GL92-SIN-CRK). INVENTORIES- U.S. crude, gasoline and distillate inventories rose in the week ended December 19 as refining activity slowed and imports declined, the Energy Information Administration said on Monday. - U.S. crude oil stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, a preliminary Reuters poll showed on Monday.NEWS- Frontera Energy's Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron CVX.Nto supply crude oil over two years, the Canadian oil producer said on Monday.- Saudi Arabia, the world's biggest oil exporter, is expected to lower the February price for its flagship Arab Light crude for Asian buyers for a third month, mirroring declines in the spot market due to ample supplies, sources said.- The Caspian Pipeline Consortium, which delivers oil from Kazakhstan, said it had suspended oil exports from the Black Sea's terminal on Monday due to bad weather.- China's factory activity likely shrank for a ninth month in December, as policymakers grapple with lagging domestic demand and sliding factory profits along with volatile trade relations with key export markets.SINGAPORE CASH DEALS - Two gasoline deals, no naphtha deals PRICES<div><table><tbody><tr><td>CASH</td><td>ASIA CLOSE</td><td>Change</td><td>Prev Close</td><td>RIC</td></tr><tr><td>OSN Naphtha CFR Japan M1 ($/mt)</td><td>541.75</td><td>4.00</td><td>537.75</td><td>(NAF-1H-TYO)</td></tr><tr><td>OSN Naphtha CFR Japan M2 ($/mt)</td><td>538.00</td><td>4.00</td><td>534.00</td><td>(NAF-2H-TYO)</td></tr><tr><td>OSN Naphtha Diff ($/mt)</td><td>3.75</td><td>0.00</td><td>3.75</td><td>(NAF-TYO-DIF)</td></tr><tr><td>Naphtha Netback FOB Sing ($/bbl)</td><td>58.19</td><td>0.44</td><td>57.75</td><td>(NAF-SIN)</td></tr><tr><td>Naphtha-Brent Crack ($/mt)</td><td>76.90</td><td>-1.47</td><td>78.38</td><td>(NAF-SIN-CRK)</td></tr><tr><td>Gasoline 97 ($/bbl)</td><td>75.36</td><td>0.38</td><td>74.98</td><td>(GL97-SIN)</td></tr><tr><td>Gasoline 95 ($/bbl)</td><td>73.76</td><td>0.36</td><td>73.40</td><td>(GL95-SIN)</td></tr><tr><td>Gasoline 92 ($/bbl)</td><td>71.70</td><td>0.25</td><td>71.45</td><td>(GL92-SIN)</td></tr><tr><td>Gasoline crack ($/bbl)</td><td>9.72</td><td>-0.48</td><td>10.20</td><td>(GL92-SIN-CRK)</td></tr><tr><td colspan="5">For a list of derivatives prices, including margins, please double click the RICs below.</td></tr><tr><td>Brent M1</td><td>(BRENTSGMc1)</td><td></td><td></td><td></td></tr><tr><td>Naphtha CFR Japan M1</td><td>(NACFRJPSWMc1)</td><td></td><td></td><td></td></tr><tr><td>Naphtha CFR Japan M1/M2</td><td>(NACFRJPSDMc1)</td><td></td><td></td><td></td></tr><tr><td>Naphtha CFR Japan M2</td><td>(NACFRJPSWMc2)</td><td></td><td></td><td></td></tr><tr><td>Naphtha Japan-Sing Netback M1</td><td>(NAPTC4SPDMc1)</td><td></td><td></td><td></td></tr><tr><td>Naphtha Japan-Sing Netback M2</td><td>(NAPTC4SPDMc2)</td><td></td><td></td><td></td></tr><tr><td>Naphtha FOB Sing M1</td><td>(NAFOBSGSWMc1)</td><td></td><td></td><td></td></tr><tr><td>Naphtha FOB Sing M1/M2</td><td>(NAFOBSGSDMc1)</td><td></td><td></td><td></td></tr><tr><td>Naphtha FOB Sing M2</td><td>(NAFOBSGSWMc2)</td><td></td><td></td><td></td></tr><tr><td>Naphtha Cracks M1</td><td>(NACFRJPCKMc1)</td><td></td><td></td><td></td></tr><tr><td>East-West Naphtha M1</td><td>(NAPJPEWMc1)</td><td></td><td></td><td></td></tr><tr><td>East-West Naphtha M2</td><td>(NAPJPEWMc2)</td><td></td><td></td><td></td></tr><tr><td>NWE Naphtha M1</td><td>(NAPCNWEAMc1)</td><td></td><td></td><td></td></tr><tr><td>NWE Naphtha M1/M2</td><td>(NAPCNWEASMc1)</td><td></td><td></td><td></td></tr><tr><td>NWE Naphtha M2</td><td>(NAPCNWEAMc2)</td><td></td><td></td><td></td></tr><tr><td>Crack NWE Naphtha-Brent M1</td><td>(NAPCNWEACMc1)</td><td></td><td></td><td></td></tr><tr><td>Crack NWE Naphtha-Brent M2</td><td>(NAPCNWEACMc2)</td><td></td><td></td><td></td></tr><tr><td>*Sing refers to Singapore</td><td></td><td></td><td></td><td></td></tr></tbody></table></div></div></div>

Asia's naphtha spot activity is strong, with February demand highlighted, although some buyers are cautious due to limited derivative demand. South Korea's Lotte Chemical is seeking a 25,000 metric ton cargo for early February delivery. Gasoline sales by Trafigura have exceeded 1.5 million barrels for late December to January. U.S. crude and gasoline inventories rose as refining slowed. Frontera Energy signed a $120 million agreement with Chevron for crude supply. Saudi Arabia is expected to lower February prices for Arab Light crude amid ample supply.

Feb naphtha buying active; gasoline cracks hit four-month low