Asia Naphtha/Gasoline-Naphtha prices down; South Korean buyer surfaces

NEW DELHI, Jan 15 (Reuters) - Asia’s naphtha prices eased on Thursday in line with a drop in crude oil prices and the refining profit margin was little changed amid a lack of deals at the trading window for a fourth straight day. The price for second-half February naphtha declined by $4 to $558.75 per ton in a backwardated market structure. In the spot market, South Korean LG Chem sought second-half March and second-half April naphtha for delivery at Yeosu on cost and freight basis in a tender that closes on January 15 with same-day validity, market participants said. In plant news, Taiwan’s Formosa will extend the shutdown of the oldest cracker at its Mailiao complex indefinitely, a company spokesperson said on Wednesday, as it reduces ethylene output due to weak margins. INVENTORIES Singapore light distillate stocks rose to a two-week high of 25.473 million barrels in the week to January 14, Enterprise Singapore data showed. (O/SING1) U.S. gasoline stocks (USOILG=ECI) increased by 9 million barrels in the week to 251 million barrels, government data showed, compared with analysts’ expectations in a Reuters poll for a 3.6 million-barrel build. NEWS China’s oil imports from Venezuela are expected to slump starting from February as fewer tankers have managed to leave for Caracas’ top crude buyer after the U.S. claimed control of the OPEC producer, traders and analysts said. Oil prices fell more than 3% after U.S. President Donald Trump said killings of demonstrators in nationwide protests in Iran were stopping, tempering concerns over military action against Iran and supply disruptions. SINGAPORE CASH DEALS (O/AS) Five gasoline deals. PRICES CASH ASIA Change Prev RIC CLOSE Close OSN Naphtha CFR 558.75 -4.00 562.75 Japan M1 ($/mt) TYO> OSN Naphtha CFR 555.25 -4.00 559.25 Japan M2 ($/mt) TYO> OSN Naphtha Diff 3.50 0.00 3.50 ($/mt) -DIF> Naphtha Netback 60.08 -0.44 60.53 FOB Sing ($/bbl) > Naphtha-Brent 75.90 -0.63 76.53 Crack ($/mt) -CRK> Gasoline 97 74.95 -0.50 75.45 ($/bbl) N> Gasoline 95 72.60 -0.60 73.20 ($/bbl) N> Gasoline 92 71.70 -0.50 72.20 ($/bbl) N> Gasoline crack 7.32 -0.05 7.37 ($/bbl) N-CRK> For a list of derivatives prices, including margins, please double click the RICs below. Brent M1 c1 * Naphtha CFR Japan M1 WMc1 * Naphtha CFR Japan M1/M2 DMc1 * Naphtha CFR Japan M2 WMc2 * Naphtha Japan-Sing DMc1 * Netback M1 Naphtha Japan-Sing DMc2 * Netback M2 Naphtha FOB Sing M1 WMc1 * Naphtha FOB Sing M1/M2 DMc1 * Naphtha FOB Sing M2 WMc2 * Naphtha Cracks M1 KMc1 * East-West Naphtha M1 c1 * East-West Naphtha M2 c2 * NEW Naphtha M1 Mc1 * NEW Naphtha M1/M2 SMc1 * NEW Naphtha M2 Mc2 * Crack NEW Naphtha-Brent M1 CMc1 * Crack NEW Naphtha-Brent M2 CMc2 * *Sing refers to Singapore