GINGA
NAPTHA MARKET REPORT

DATE 10-Jun
10-Jun-10 AA) E/W SPREAD (BASED ON VALUE)         SINGAPORE 16:30pm
      2H JUL 1H AUG 2H AUG 1H SEP 2H SEP 2H DEC 2H MAR 2H JUN
O/S Nap-->     660.00 658.00 656.00 654.00 652.00 647.50 651.00 657.00
                   
NWE JUN 647.00 13.00 11.00 9.00 7.00 5.00 0.50 4.00 10.00
NWE JUL 642.50 17.50 15.50 13.50 11.50 9.50 5.00 8.50 14.50
NWE AUG 639.50 20.50 18.50 16.50 14.50 12.50 8.00 11.50 17.50
NWE Q4 644.00 16.00 14.00 12.00 10.00 8.00 3.50 7.00 13.00
NWE Q1 650.50 9.50 7.50 5.50 3.50 1.50 -3.00 0.50 6.50
NWE Q2 658.00 2.00 0.00 -2.00 -4.00 -6.00 -10.50 -7.00 -1.00
BB) crack (C.F:7.50)
BRENT JUL 73.80 106.50 104.50 102.50 100.50 98.50 94.00 97.50 103.50
BRENT AUG 74.50 101.25 99.25 97.25 95.25 93.25 88.75 92.25 98.25
BRENT SEP 75.02 97.35 95.35 93.35 91.35 89.35 84.85 88.35 94.35
WTI JUL 74.08 -0.75 -0.97 -1.19 -1.41 -1.64 -2.14 -1.75 -1.08
WTI AUG 75.13 -1.80 -2.02 -2.24 -2.46 -2.69 -3.19 -2.80 -2.13
WTI SEP 76.02 -2.69 -2.91 -3.13 -3.35 -3.58 -4.08 -3.69 -3.02
09-Jun-10 AA) E/W SPREAD (BASED ON VALUE)         SINGAPORE 16:30pm
      2H JUL 1H AUG 2H AUG 1H SEP 2H SEP 2H DEC 2H MAR 2H JUN
O/S Nap-->     655.00 653.00 651.00 649.00 647.00 642.50 646.00 652.00
                   
NWE JUN 636.00 19.00 17.00 15.00 13.00 11.00 6.50 10.00 16.00
NWE JUL 632.50 22.50 20.50 18.50 16.50 14.50 10.00 13.50 19.50
NWE AUG 630.50 24.50 22.50 20.50 18.50 16.50 12.00 15.50 21.50
NWE Q4 636.50 18.50 16.50 14.50 12.50 10.50 6.00 9.50 15.50
NWE Q1 644.00 11.00 9.00 7.00 5.00 3.00 -1.50 2.00 8.00
NWE Q2 652.50 2.50 0.50 -1.50 -3.50 -5.50 -10.00 -6.50 -0.50
BB) crack (C.F:7.50)
BRENT JUL 72.28 112.90 110.90 108.90 106.90 104.90 100.40 103.90 109.90
BRENT AUG 72.91 108.18 106.18 104.18 102.18 100.18 95.68 99.18 105.18
BRENT SEP 73.50 103.75 101.75 99.75 97.75 95.75 91.25 94.75 100.75
WTI JUL 72.30 0.48 0.26 0.03 -0.19 -0.41 -0.91 -0.52 0.14
WTI AUG 73.22 -0.44 -0.66 -0.89 -1.11 -1.33 -1.83 -1.44 -0.78
WTI SEP 74.01 -1.23 -1.45 -1.68 -1.90 -2.12 -2.62 -2.23 -1.57
PERIOD BID OFFER VALUE
   1H JUL/1H AUG 3.00 5.00 4.00
   2H JUL/2H AUG 3.00 5.00 4.00
   1H AUG/1H SEP 3.00 5.00 4.00
   2H AUG/2H SEP 3.00 5.00 4.00
   1H SEP/1H OCT 2.50 4.50 3.50
Deal done. (At Brent Jul 73.80/ Aug 74.50/ Sep 75.02)
                     
Outright : 1H Aug done at $659.00, $656.00
SPREAD :
                     
OUTRIGHT
      Flat prices sellers were offering down on platts window and 1H/Aug best bid was lifted at $659.00.
      Another seller sold at $656.00 for 1H/Aug with no other outright deals traded.
      1H/Aug offers remained at $659.25 at close.
      However, swap talking levels were higher than open spec traded values and
      swap values moved even higher as crude benchmarks were going up after the window.
      Cracks fell today based on open spec values.
TIME SPREAD         
     Open spec spread values stayed steady with few indications available.
     There were only low level buyers in platts time and sellers were not very aggressive, either.
     Swap spread values also remained unchanged and market mood was mixed.
CRACK VALUE :  lower.
(  2H July/Brent July*7.50 :  112.90 --------------------------------------->  106.50  
   1H Aug/Brent Aug * 7.50:  106.20 ---------------------------------------> 99.20  
   2H Aug/Brent Aug * 7.50:  104.20 ---------------------------------------> 97.20  )  
EAST/WEST SPREAD : narrower.
(1H Aug/July : $20.50 ------------------> 15.50      1H Sep/Aug : $18.50 -----------------> $14.50)
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                                                Chemical products price(USD/MT)   
                                Benzene                                 Stylen Monomer                
Fob Korea              810-820                                     1,045 -1,060