Naphtha margin eases; Pertamina seeks May gasoline

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Asia's naphtha refining profit eased on Tuesday, but hovered near record levels amid prolonged supply disruption from the Gulf and uncertainty over a recovery in feedstock flows to steam crackers, traders said.The crack dipped by about $14 to $438.63 per metric ton over Brent crude in a steep backwardation of $144 a ton between second-half May and second-half June cargoes.In tenders, India's BPCL sold two naphtha cargoes for April loading at a premium between $180 and $240 per ton to Mean of Platts Arab Gulf earlier this week, two trade sources said. HPCL sold two parcels at deep discounts due to high chloride content, they added.Indonesia's Pertamina sought about 220,000 barrels of 98-octane grade of gasoline for delivery through May on cost and freight basis in a tender closing on Wednesday, with validity until April 9, a document reviewed by Reuters showed.In gasoline market, two deals at the Singapore trading window brought prices for the benchmark-grade fuel below $140 a barrel, market participants said.NEWS- Iran on Tuesday attacked a petrochemical complex in Saudi Arabia's Jubail industrial city, located in the Eastern province, Iran's semi-official ‌Fars news agency said.- Oil prices hovered around $110 a barrel on Tuesday as a deadline imposed by U.S. President Donald Trump loomed for Iran to open the Strait of Hormuz or be "taken out".- The current oil and gas crisis triggered by the blockade of the Strait of Hormuz is "more serious than the ones in 1973, 1979 and 2022 together", Fatih Birol, the head of the International Energy Agency (IEA), told Le Figaro newspaper.SINGAPORE CASH DEALSTwo gasoline trades and one naphtha deal.PRICESCASHASIA CLOSEChangePrev CloseRICOSN Naphtha CFR Japan M1 ($/mt)1270.003.001267.00(NAF-1H-TYO)OSN Naphtha CFR Japan M2 ($/mt)1126.002.001124.00(NAF-2H-TYO)OSN Naphtha Diff ($/mt)144.001.00143.00(NAF-TYO-DIF)Naphtha Netback FOB Sing ($/bbl)139.110.33138.78(NAF-SIN)Naphtha-Brent Crack ($/mt)438.63-13.72452.35(NAF-SIN-CRK)Gasoline 97 ($/bbl)148.06-4.20152.26(GL97-SIN)Gasoline 95 ($/bbl)146.14-4.20150.34(GL95-SIN)Gasoline 92 ($/bbl)138.80-4.20143.00(GL92-SIN)Gasoline crack ($/bbl)27.95-6.4334.38(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)Nap...

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