Gasoline spot activity ticks up; naphtha margins stage rebound

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Asia's gasoline spot activity ticked up as both June and July spot activity emerged, with some prompt regional demand being supportive, though trading sentiment stayed slightly cautious for forward months.Octane-92 gasoline cracks bounced back to around $22.6 a barrel premiums to Brent crude, gaining by more than $3 from the previous session. (GL92-SIN-CRK)In tenders, Indonesia's Pertamina is closing a procurement tender on Monday for around 1.6 million barrels of octane-90 gasoline and 900,000 barrels of octane-92 gasoline for mostly June delivery.Taiwan's Formosa Petrochemical Corp started its July sales for octane-92 gasoline, issuing a tender to sell three 250,000-barrel cargoes for second-half July loading.Meantime, demand for gasoline blendstocks remained on a need-to basis, two regional trade sources said, with forward price risks remaining as the swaps market is still in a wide backwardation.For naphtha, spot selling interest for end-June shipments emerged with India's HPCL and Indian Oil both issuing spot tenders that close in the next two days.Naphtha refining margins (NAF-SIN-CRK) rebounded and erased the previous session's gains, rising to nearly $55 per metric ton premiums above Brent crude.Markets were eyeing higher liquefied petroleum gas (LPG) prices to limit the weakness in naphtha markets in the near term, with LPG prices trading at least $50 per ton higher in recent week.NEWS- Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier.- Chinese refiners have delayed two projects slated to come online this year following disruptions to Middle Eastern oil supplies from the Strait of Hormuz due to the Iran war, people familiar with the matter said.- Saudi Arabia has cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, as expected, as spot premiums eased on slow demand despite supply disruptions tied to the U.S.-Israeli war with Iran.SINGAPORE CASH DEALS- No naphtha deals, one gasoline dealPRICESCASHASIA CLOSEChangePrev CloseRICOSN Naphtha CFR Japan M1 ($/mt)782.0046.50735.50(NAF-1H-TYO)OSN Naphtha CFR Japan M2 ($/mt)777.5050.00727.50(NAF-2H-TYO)OSN Naphtha Diff ($/mt)4.50-3.508.00(NAF-TYO-DIF)Naphtha Netback FOB Sing ($/bbl)84.895.1779.72(NAF-SIN)Naphtha-Brent Crack ($/mt)51.8021.3830.43(NAF-SIN-CRK)Gasoline 97 ($/...

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