Naphtha margin extends fall after Brent gains

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Asia's naphtha refining margin extended declines on Monday after crude oil benchmarks spiked and as a sense of ample supplies for late-June cargoes hit the market, although uncertainty around July cargoes limited the downside, analysts and traders said.The crack fell to about $200 per metric ton over Brent crude, compared with $243.38 a ton in the previous session. The first-half July cargo traded at $1,028.50 per ton.In purchases, Japan's Mitsubishi and South Korean Lotte Chemical surfaced in the market seeking second-half July cargoes last week, market participants said."Severe supply shortages will persist until end-August under our new base case for Hormuz transit, and Asian prices will need to remain high to attract alternative supply from the United States and Mediterranean," consultancy Energy Aspects wrote in its monthly outlook.NEWS- In India, there is a shortage of cooking gas. In California, motorists are paying $6 a gallon for gasoline. They are both symptoms of the worst-ever energy supply disruption. They are also directly connected, and evidence of the knock-on effects across the global economy of the U.S.-Israeli war with Iran.- China's refined oil product exports in April dropped by 38% from the same period last year, customs data showed on Monday, curbed by fuel export restrictions that came into effect in mid-March.SINGAPORE CASH DEALSNo trades.PRICESCASHASIA CLOSEChangePrev CloseRICOSN Naphtha CFR Japan M1 ($/mt)1028.50-33.501062.00(NAF-1H-TYO)OSN Naphtha CFR Japan M2 ($/mt)978.50-29.501008.00(NAF-2H-TYO)OSN Naphtha Diff ($/mt)50.00-4.0054.00(NAF-TYO-DIF)Naphtha Netback FOB Sing ($/bbl)112.28-3.72116.00(NAF-SIN)Naphtha-Brent Crack ($/mt)200.35-43.03243.38(NAF-SIN-CRK)Gasoline 97 ($/bbl)139.401.29138.11(GL97-SIN)Gasoline 95 ($/bbl)137.791.29136.50(GL95-SIN)Gasoline 92 ($/bbl)132.101.29130.81(GL92-SIN)Gasoline crack ($/bbl)21.680.0221.66(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)...

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