Asia Naphtha/Gasoline-Naphtha prices rise to more than five-month high

NEW DELHI, Oct 23 (Reuters) - Asia's naphtha prices climbed to the highest level since May 4 on Friday in tandem with crude oil benchmarks as renewed geopolitical escalation in the Gulf triggered concerns about a longer supply disruption, traders said.

The price of first-half December cargo rose to $1,060 per metric ton and the market structure widened further in steep backwardation by $2 to $42 a ton.

In tenders, India's HMEL sought 30,000 or 55,000 tons of naphtha for delivery between November 8 and 25 in a tender that closes on Monday with same-day validity, market participants said.

QatarEnergy likely awarded its October supply offer on free-on-board basis, they added.

NEWS

- Oil prices rose on Friday, with Brent crude touching a more than five-month high, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East. O/R

- The Kremlin said on Friday that the first ship carrying Russian diesel under a deal with the United States was already on its way and that more would follow.

SINGAPORE CASH DEALS O/AS

One gasoline trade.

PRICES