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Asia Naphtha/Gasoline-Naphtha prices rise in steep backwardation

By Reuters News

NEW DELHI, Oct 29 (Reuters) - Asia's naphtha prices rebounded in steep backwardation on Thursday amid tight supplies and lower regional inventories while continued shipping attacks underpinned fears of longer export disruption from the Gulf.

The price for first-half December naphtha rose by $10 to $1,085.50 per metric ton. The backwardation between first-half December and first-half January naphtha cargo widened to $47.50 a ton.

In tenders, Kuwait Petroleum has signed a term naphtha deal on a delivered ex-ship basis for the first time, as war in the Gulf disrupts free-on-board loadings in the Strait of Hormuz, traders with knowledge of the matter said. O/TEND

Meanwhile, total naphtha imports into Singapore trading hub fell about 14% week on week to around 105,000 metric tons (about 945,000 barrels), as no shipments from Russia or India arrived, Enterprise Singapore data showed.


NEWS

- Oil prices fell on Thursday, paring gains made a day earlier, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions from escalating regional conflict. O/R

- Three tankers exploded and caught fire after hitting sea mines while attempting to cross an unauthorised route south of the Strait of Hormuz over the past 24 hours, Iran's Revolutionary Guards said in a statement shared on Thursday by state media.


SINGAPORE CASH DEALS O/AS

One naphtha and one gasoline trade.


PRICES


CASH

ASIA CLOSE

Change

Prev Close

RIC

OSN Naphtha CFR Japan M1 ($/mt)

1085.50

10.00

1075.50

OSN Naphtha CFR Japan M2 ($/mt)

1038.00

4.50

1033.50

OSN Naphtha Diff ($/mt)

47.50

5.50

42.00

Naphtha Netback FOB Sing ($/bbl)

118.61

1.11

117.50

Naphtha-Brent Crack ($/mt)

228.25

15.70

212.55

Gasoline 97 ($/bbl)

137.56

-4.80

142.36

Gasoline 95 ($/bbl)

136.58

-4.80

141.38

Gasoline 92 ($/bbl)

136.00

-4.80

140.80

Gasoline crack ($/bbl)

21.70

-4.04

25.74






For a list of derivatives prices, including margins, please double click the RICs below.

Brent M1




Naphtha CFR Japan M1




Naphtha CFR Japan M1/M2




Naphtha CFR Japan M2




Naphtha Japan-Sing Netback M1




Naphtha Japan-Sing Netback M2




Naphtha FOB Sing M1



Naphtha FOB Sing M1/M2




Naphtha FOB Sing M2



Naphtha Cracks M1




East-West Naphtha M1




East-West Naphtha M2




NWE Naphtha M1




NWE Naphtha M1/M2



NWE Naphtha M2




Crack NWE Naphtha-Brent M1



Crack NWE Naphtha-Brent M2



*Sing refers to Singapore





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