Asia Naphtha/Gasoline-Naphtha price steadies; buyers surface

NEW DELHI, Sept 16 (Reuters) - Asia's naphtha price paused rally on Wednesday but the downside remained limited due to persisting supply concerns in a widely backwardated price structure, traders said.

The price for first-half November naphtha traded at about $965 per metric ton. The backwardation between first-half November and first-half December cargoes widened by $1 to $28.75 a ton.

Several buyers like LG Chem, AMEC and Mitsui emerged in the market this week seeking second-half October to first-half November naphtha, while Indian sellers sold cargoes at high premiums, market participants said.

In the gasoline market, price of benchmark grade of fuel surged to $145.22 per barrel due to lower inventories and tight supplies. Premiums for transport fuel, which had gone down briefly, are edging higher again, traders said.

INVENTORIES

Stocks of light distillates, including gasoline and naphtha, fell by 555,000 barrels to 1.508 million barrels in the week to September 14, according to industry information service S&P Global Commodity Insights. FUJAIRAH/

NEWS

- The Russian government has decided to extend restrictions on diesel exports for fuel producers until the end of October, Vedomosti daily reported late on Tuesday, citing two unidentified sources.

- Japan's biggest refiner, Eneos Corp, shut the 153,000 barrels-per-day crude distillation unit at its Negishi refinery near Tokyo on September 7 for scheduled maintenance, a company spokesperson said. REF/OUT

SINGAPORE CASH DEALS O/AS

One gasoline trade.

PRICES