Naphtha buying upbeat; gasoline supply-demand stays firm

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Asia's naphtha spot activity stayed fairly upbeat on window and offscreen, against a backdrop of some prompt demand from northeast Asia and expectations of more spot demand for October emerging soon. On spot tenders, South Korea's Lotte Chemical sought a 25,000-ton parcel for delivery in second-half September either to Yeosu or Daesan.One Singapore-based importer was in the market seeking for some spot cargoes as well, though further details could not be confirmed. Naphtha cracks firmed further from the previous session, closing at around $84 per metric ton. Gasoline fundamentals meanwhile held firm, some trade sources said, adding that front-month markets are likely to remain firm as production outage woes persist. At least one gasoline producing unit each in the Middle East, Taiwan and Africa regions were all having production issues, the sources said, adding that the scheduled turnaround season starting September could further curtail forward supplies. Front-month demand for some types of blendstocks are firm for now, one of the sources added.Octane-92 refining margins (GL92-SIN-CRK) stayed firm on Monday, holding strong at slightly above $11 per barrel. On the selling front, refiners were offering their September spot cargoes, with South Korea's GS Caltex offering one 300,000-barrel cargo loading September 26-30. NEWS- White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and has to stop, while adding that New Delhi was "now cozying up to both Russia and China." - Oil prices rose on Monday after Navarro's remarks were published in a column in the Financial Times REFINERY NEWS - Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday.SINGAPORE CASH DEALS - Four gasoline deals, no naphtha deals PRICESCASHASIA CLOSEChangePrev CloseRICOSN Naphtha CFR Japan M1 ($/mt)577.001.00576.00(NAF-1H-TYO)OSN Naphtha CFR Japan M2 ($/mt)573.503.50570.00(NAF-2H-TYO)OSN Naphtha Diff ($/mt)3.50-2.506.00(NAF-TYO-DIF)Naphtha Netback FOB Sing ($/bbl)62.110.1162.00(NAF-SIN)Naphtha-Brent Crack ($/mt)84.105.2878.82(NAF-SIN-CRK)Gasoline 97 ($/bbl)80.04-0.1680.20(GL97-SIN)Gasoline 95 ($/bbl)79.40-0.3079.70(GL95-SIN)Gasoline 92 ($/bbl)76.80-0.5077.30(GL92...

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