NEW DELHI, March 3 (Reuters) - Asia’s naphtha margin jumped about 17% on Tuesday after hitting four-year highs in the previous session as feedstock supply disruption from the Strait of Hormuz roiled market sentiment.
The Middle East is Asia’s top naphtha supplier.
The crack climbed to $156.68 per metric ton over Brent crude from about $134 a day earlier. The backwardation between prompt- and front-month cargoes widened to $26 a ton.
Traders said all supplies from the Middle East have stopped and loadings remain uncertain causing delays and boosting spot prices.
South Korea’s industry ministry said on Tuesday that its petrochemical makers will face supply disruption if the Iran situation continues. The country is the biggest buyer of Middle East naphtha in Asia.
Indonesian petrochemical producer Chandra Asri (TPIA.JK) has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.
<h3>NEWS</h3>
<ul>
<li>Russian oil product exports from the Black Sea port of Tuapse are set to rise to 755,000 metric tons in March, up 118.6% on a daily basis from 312,000 metric tons planned for February, two traders said on Tuesday and Reuters estimates showed.</li>
<li>Indonesia’s state energy firm Pertamina is expecting a 12% rise in gasoline demand during the Eid holidays, the corporate secretary of its downstream unit Roberth MV Dumatubun said on Tuesday, while gasoil demand is seen 14.5% lower.</li>
</ul>
<h3>SINGAPORE CASH DEALS (O/AS)</h3>
One gasoline trade.
<h3>PRICES</h3>
CASH ASIA Chan Prev RIC
CLOSE ge Close
OSN Naphtha CFR 761.25 28.0 733.25 

Japan M1 ($/mt) 0 TYO&gt;
OSN Naphtha CFR 735.25 26.0 709.25 

Japan M2 ($/mt) 0 TYO&gt;
OSN Naphtha Diff 26.00 2.00 24.00 

($/mt) -DIF&gt;
Naphtha Netback 82.58 3.11 79.47 

FOB Sing ($/bbl) &gt;
Naphtha-Brent 156.68 22.3 134.30 

Crack ($/mt) 8 -CRK&gt;
Gasoline 97 98.72 5.20 93.52 

($/bbl) N&gt;
Gasoline 95 97.96 5.20 92.76 

($/bbl) N&gt;
Gasoline 92 95.50 5.20 90.30 

($/bbl) N&gt;
Gasoline crack 14.89 4.45 10.44 

($/bbl) N-CRK&gt;
For a list of derivatives prices, including
margins, please double click the RICs below.
Brent M1 

GMc1
*
Naphtha CFR Japan 

M1 PSWMc1
*
Naphtha CFR Japan 

M1/M2 PSDMc1
*
Naphtha CFR Japan 

M2 PSWMc2
*
Naphtha 

Japan-Sing SPDMc1
*
Netback M1
Naphtha 

Japan-Sing SPDMc2
*
Netback M2
Naphtha FOB Sing 

<h3>M1</h3>
*
Naphtha FOB Sing 

M1/M2 GSDMc1
*
Naphtha FOB Sing 

<h3>M2</h3>
*
Naphtha Cracks M1 

PCKMc1
*
East-West Naphtha 

M1 WMc1
*
East-West Naphtha 

M2 WMc2
*
NEW Naphtha M1 

EAMc1
*
NEW Naphtha M1/M2 

*
NEW Naphtha M2 

EAMc2
*
Crack NEW 

Naphtha-Brent M1
*
Crack NEW 

Naphtha-Brent M2
*
*Sing refers to
Singapore

Asia Naphtha/Gasoline-Naphtha crack extends gains amid supply fears from Middle East