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Asia Naphtha/Gasoline-Naphtha crack rises amid geopolitical worries

Asia’s naphtha markets extended gains on Monday after a slew of Ukrainian drone attacks on Russian Slavyansk oil refinery triggered supply related fears, although slowing cracker demand due to cheaper alternative feedstock use capped the upside.

The crack rose by $4.73 to $61.43 per metric ton over Brent crude in a steady backwardation of $8.50 a ton.

Russia’s Slavyansk oil refinery, located in the Krasnodar region, was damaged after a weekend drone attack, state-run TASS reported on Monday, citing a company security official.

Meanwhile, South Korean petrochemical producers are maximising the use of cheaper feedstock liquefied petroleum gas (LPG) at their crackers, reducing naphtha demand from the region’s top importer, according to industry officials and government data.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shilpi Majumdar)

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