Asia Naphtha/Gasoline-Naphtha prices pause rally; Qatar offers FOB cargo

NEW DELHI, Oct 28 (Reuters) - Asia's naphtha prices paused rally on Wednesday but remained firm in steep backwardation amid persistent supply fears due to geopolitical tensions in the Gulf, analysts and traders said.

First-half December cargo price eased by $15 to $1,075.50 per metric ton. The price structure remained wide at $42 a ton.

In tenders, QatarEnergy has issued a spot tender offering up to 55,000 metric tons of naphtha on a free-on-board basis from Ras Laffan port inside the Strait of Hormuz, traders who participate in the market said.

The cargo is scheduled to load between November 3 and 5. The tender closes on Wednesday with same-day validity. The last tender was awarded at a discount. NAP/TENDA

India's HMEL bought a Gulf grade cargo likely at double-digit discount to Middle East quotes for November delivery, market participants said.

NEWS

- Qatari mediators presented Iran with a new draft deal on Sunday to end the war with the US and Israel, and Tehran is expected to send a response to the draft by the end of the week, an official briefed on the negotiations said.

- Indian state-owned LPG importers are likely to award a joint tender seeking ​around 2.75 million metric tons of liquefied ‌petroleum gas for delivery in 2027 to ADNOC Trading, TotalEnergies Trading and Chevron, two market participants said.

SINGAPORE CASH DEALS O/AS

One gasoline trade.

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