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Asia Oil Swaps-Naphtha's Oct/Nov drops to one-week low

Thursday, 4 Oct 2012 | 1:10 AM ET

(For 12-month forward curve, click

)

SINGAPORE, Oct 4 (Reuters) - Naphtha's prompt October/November inter-month premium dropped to a one-week low on Thursday because of concerns over a slower global economy.

The October/November timespread slipped another $1.25 to a $7.75 per tonne backwardation or the lowest since September 26, according to Reuters data.

Fuel oil's prompt October/November inter-month premium hovered near a 4-month low because of poor demand and an expected heavy flow of arbitrage cargoes in October.

Gasoil timespreads were mostly steady in early Thursday trade with the prompt October/November inter-month spread hovering near a 3-week high in a 62 cents per barrel backwardation.

Fixed-price swaps for all products weakened, with Brent crude

losing $2.12 to $108.55 per barrel by 0430 GMT from Wednesday's Asian close.

For a full list of swaps trades:

NAPHTHA

Naphtha CFR Japan's October/November lost $1.25 to a backwardation of $7.75 a tonne, while the November/December backwardation was $1.00 per tonne lower, at $7.50 a tonne.

The CFR November crack widened 55 cents to a discount of $8.11 and the December discount was 34 cents narrower, at $8.18 per barrel to Brent crude.

The CFR October swap weakened $25.25 to $911.75 per tonne, while the FOB Singapore October swap was down $2.05 to $100.55 per barrel.

FUEL OIL

Fuel oil's October/November timespread inched up 13 cents to a backwardation of $2.00 per tonne, while the November/December backwardation was unchanged at $2.25 per tonne.

Both the November and December cracks narrowed 47 cents to a discount of $6.30 and $6.01 per barrel to Dubai crude, respectively.

October and November 180-cst fixed-price swaps were valued at $644.50 and $642.50 per tonne respectively, down $11.88-$12.00, or around 1.83 percent.

GASOIL

Gasoil's October/November timespread inched down 3 cents to a backwardation of 62 cents per barrel. The November/December backwardation was 1 cent lower at 60 cents per barrel.

The November crack gained $1.67 to a premium of $20.74, while the December premium was $1.68 higher at $20.78 per barrel to Dubai crude.

October's regrade, the spread between jet fuel and gasoil, was unchanged at a premium of $1.65. The November premium was similarly flat at $1.23 per barrel.

October and November fixed-price contracts were at $126.51 and $125.89 per barrel respectively, down 65-68 cents, or around 0.51-0.53 percent.

PRODUCTS Price Change Pct Change OCTOBER naphtha

100.45/100.65 -2.05 -2.00

NOVEMBER naphtha

99.30/99.50 -1.90 -1.88

OCTOBER naphtha

911.63/911.88 -25.25 -2.69

NOVEMBER naphtha

903.75/904.25 -24.00 -2.59 OCTOBER gasoil 126.41/126.61 -0.68 -0.53

NOVEMBER gasoil

125.84/125.94 -0.65 -0.51

OCTOBER fuel oil

644.25/644.75 -11.88 -1.81

NOVEMBER fuel oil

642.25/642.75 -12.00 -1.83

Product Price Change OCTOBER regrade 1.60/1.70 0.00 NOVEMBER gasoil crack 20.64/20.84 1.67 OCTOBER 180/380 cst 12.00/12.50 0.13 NOVEMBER fuel oil crack -6.40/-6.20 0.47 NOVEMBER jet fuel crack 21.87/22.07 1.67 NOVEMBER naphtha crack -8.21/-8.01 -0.55 Inter-month spread Mean Prev Change OCTOBER/NOVEMBER naphtha 1.15 1.30 -0.15 OCTOBER/NOVEMBER naphtha (CFR 7.75 9.00 -1.25 Japan) OCTOBER/NOVEMBER gasoil 0.62 0.65 -0.03 OCTOBER/NOVEMBER fuel oil 2.00 1.88 0.13

(Reporting by Bohan Loh,; Editing by Clarence Fernandez)

((bohan.loh@thomsonreuters.com)(+65 6870 3572)(Reuters Messaging: bohan.loh.reuters.com@reuters.net))

Keywords: MARKETS SWAPS/ASIA