Asia Naphtha/Gasoline-Naphtha prices extend declines in steep backwardation

NEW DELHI, Nov 3 (Reuters) - Asia's naphtha prices extended losses on Tuesday in tandem with weakness in crude oil benchmarks, but lingering supply concerns from the Gulf cushioned the fall, traders and analysts said.

The price for second-half December cargo declined by $40 to $1,039.50 per metric ton. The market remained steeply backwardated at $47 a ton.

In tenders, Kuwait Petroleum Corp offered 50,000 metric tons of full-range naphtha via tender on a free-on-board (FOB) basis from Kuwaiti ports for the first time since June, a document reviewed by Reuters showed and two traders said on Monday. O/TEND The tender closes on November 4, with same-day validity.

South Korean Hanwha TotalEnergies snapped up multiple cargoes for December, market participants said.

India's MRPL sold 35,000 tons of reformate to energy trader Vitol for early November loading, they added.

NEWS

- Oil prices rose more than $1 on Tuesday, as an Iranian official said a deal to end the war was far off, while the United States struck Iran's Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies. O/R

- Iran and the United States remain far from a deal to end the war, a senior Iranian official told Reuters on Tuesday, despite intensified diplomatic efforts to avert a return to major conflict after the US midterm elections.

SINGAPORE CASH DEALS O/AS

One gasoline trade.

PRICES