Asia’s naphtha prices rose about 6% this week in tandem with crude oil benchmarks after U.S. sanctioned two key Russian oil suppliers.

The price for first-half December rallied for a second straight day to $585.75 per metric ton on Friday, assessments from LSEG showed.

The backwardation between near and later month prices widened to $6.75 a ton, while the refining profit margin was up slightly at $90.15 per ton over Brent crude.

In gasoline market, the refining profit margin traded firm at $13.11 a barrel over Brent crude on Friday amid firm demand and tight supplies, traders said.

In tenders, Indonesia’s Pertamina was actively seeking suppliers for its two spot tenders – 100,000 barrels for early-November and 200,000 barrels of 92-octane grade of transport fuel for late-October delivery, market participants said.

NEWS

– Indonesia plans to impose a mandatory bioethanol content level of 10% for gasoline in 2027, part of efforts to reduce its fuel import dependence, its energy minister said.
– Chandra Asri Pacific said it will acquire Exxon Mobil’s network of Esso-branded retail petrol stations in Singapore as the U.S. major streamlines its downstream operations.

SINGAPORE CASH DEALS

One naphtha and one gasoline trade.
Source: Reuters