Asia's naphtha prices spiked on Tuesday in tandem with crude oil benchmarks after attacks on tankers near the Strait of Hormuz renewed doubts on new loadings from the Gulf.
The price for second-half August cargo jumped by about $25 to $690.75 per metric ton, $15 higher than the second-half September naphtha. The refining margin for the light product also rose by about $17 to $146 per ton over Brent crude.
A Saudi-flagged crude oil tanker was damaged near the Strait of Hormuz close to the coast of Oman, after a Qatari liquefied natural gas tanker was struck in the same area, maritime security sources said.
In the gasoline market, the crack traded strong amid tight demand-supply balance, market participants said. A Taiwanese buyer was in talks to finalise a spot cargo, they added.
NEWS
- India's fuel consumption in June fell about 3.7% from a month earlier to 19.42 million metric tons, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
- French oil major TotalEnergies' Chief Executive Patrick Pouyanne will meet with Syrian counterparts to discuss signing an exploration contract, he told reporters in Damascus on Tuesday before explosions rocked the city centre.
PRICES
CASH ASIA CLOSE Change Prev Close RIC | OSN Naphtha CFR Japan M1 ($/mt) 690.75 25.25 665.50 (NAF-1H-TYO) | OSN Naphtha CFR Japan M2 ($/mt) 675.75 16.25 659.50 (NAF-2H-TYO) | OSN Naphtha Diff ($/mt) 15.00 9.00 6.00 (NAF-TYO-DIF) | Naphtha Netback FOB Sing ($/bbl) 74.75 2.81 71.94 (NAF-SIN) | Naphtha-Brent Crack ($/mt) 145.88 16.70 129.18 (NAF-SIN-CRK) | Gasoline 97 ($/bbl) 100.39 1.00 99.39 (GL97-SIN) | Gasoline 95 ($/bbl) 98.88 1.00 97.88 (GL95-SIN) | Gasoline 92 ($/bbl) 96.90 1.00 95.90 (GL92-SIN) | Gasoline crack ($/bbl) 24.25 -0.14 24.39 (GL92-SIN-CRK) | For a list of derivatives prices, including margins, please double-click the RICs below. | Brent M1 (BRENTSGMc1) | Naphtha CFR Japan M1 (NACFRJPSWMc1) | Naphtha CFR Japan M1/M2 (NACFRJPSDMc1) | Naphtha CFR Japan M2 (NACFRJPSWMc2) | Naphtha Japan-Sing Netback M1 (NAPTC4SPDMc1) | Naphtha Japan-Sing Netback M2 (NAPTC4SPDMc2) | Naphtha FOB Sing M1 (NAFOBSGSWMc1) | Naphtha FOB Sing M1/M2 (NAFOBSGSDMc1) | Naphtha FOB Sing M2 (NAFOBSGSWMc2) | Naphtha Cracks M1 (NACFRJPCKMc1) | East-West Naphtha M1 (NAPJPEWMc1) | East-West Naphtha M2 (NAPJPEWMc2) | NEW Naphtha M1 (NAPCNWEAMc1) | NEW Naphtha M1/M2 (NAPCNWEASMc1) | NEW Naphtha M2 (NAPCNWEAMc2) | Crack NEW Naphtha-Brent M1 (NAPCNWEACMc1) | Crack NEW Naphtha-Brent M2 (NAPCNWEACMc2) | *Sing refers to Singapore |