Asia Naphtha/Gasoline-Naphtha market rangebound, backwardation widens

NEW DELHI, Oct 16 (Reuters) - Asia's naphtha market remained rangebound this week, with prices trading above $1,000 per metric ton for a fourth consecutive session on Friday, as soaring freight costs kept a lid on barrels coming from the West, traders and analysts said.

The price for first-half December cargo stood at $1,002 per ton, while the refining margin traded at around $214 a ton over Brent crude. The backwardation price structure widened to $34 per ton from $31 a day earlier.

In tenders, South Korean and Japanese buyers snapped up November and December cargoes this week, market participants said.

In the gasoline market, the crack fell nearly 42% this week amid normalising supplies from China, analysts said.

NEWS

- Russia has publicly acknowledged a Ukrainian drone strike on a major oil refinery this week and broadcast images on state media, breaking with its usual practice in order to highlight an attack that US President Donald Trump has branded a "disgrace".

- Iran has managed to export some liquefied petroleum gas and jet fuel since July, despite a US naval blockade, shipping intelligence showed and people involved in security said.

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