Naphtha prices down 5% this week, backwardation at $9.50/t

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Asia's naphtha price for prompt month (NAF-1H-TYO) declined by about 5% this week to $587 per ton mirroring the weakness in crude oil benchmarks and the backwardation between prompt and front month prices was broadly steady at $9.50 a ton.In tenders, Indonesia's Pertamina was heard to have sought up to 22,000 tons of naphtha for delivery during November 20-22 in a tender that closed on Friday and was valid till October 8, market participants said.South Korean Hanwha TotalEnergies was heard to have bought naphtha for second-half November delivery at a premium of lower double digits, they added.In gasoline market, the refining profit margin was steady over $10 per barrel over Brent crude on Friday amid tight supply-demand conditions.NEWS- No injuries were reported in an explosion and fire on Thursday night on a jet fuel production unit at Chevron’s 285,000 barrel-per-day Los Angeles-area refinery, said people familiar with the matter.- Nigeria's daily oil and gas production slumped during a brief nationwide strike by oil workers' union PENGASSAN that was called off on Wednesday after government-mediated talks with Dangote Refinery, according to an impact report seen by Reuters.- Oil prices edged higher on Friday but remained on course for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. SINGAPORE CASH DEALS One naphtha and one gasoline trades.PRICESCASHASIA CLOSEChangePrev CloseRICOSN Naphtha CFR Japan M1 ($/mt)587.00-2.50589.50(NAF-1H-TYO)OSN Naphtha CFR Japan M2 ($/mt)577.00-3.00580.00(NAF-2H-TYO)OSN Naphtha Diff ($/mt)10.000.509.50(NAF-TYO-DIF)Naphtha Netback FOB Sing ($/bbl)63.22-0.2863.50(NAF-SIN)Naphtha-Brent Crack ($/mt)102.433.1399.30(NAF-SIN-CRK)Gasoline 97 ($/bbl)78.86-0.5579.41(GL97-SIN)Gasoline 95 ($/bbl)77.63-0.5578.18(GL95-SIN)Gasoline 92 ($/bbl)75.00-0.5575.55(GL92-SIN)Gasoline crack ($/bbl)10.390.2010.19(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)NWE Naph...

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