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Asia Naphtha/Gasoline-Naphtha steady, backwardation narrows

Asia’s naphtha markets were steady on Tuesday as gains arising from falling oil prices were offset by lingering poor demand from downstream petrochemical units.

The crack traded at about $51 per metric ton over Brent crude and the backwardation narrowed to $6.25 a ton.

The price of first-half June naphtha weakened by about $5.50 to $715.25 per ton. A total of 25,000 tons of naphtha changed hands at the deals window in Singapore, market participants said.

The gasoline crack in the region was also steady on Tuesday near $13 per barrel over Brent crude amid scanty trades.

– A group of Western insurers has said a Russian oil price cap has become unenforceable and only pushed more ships into joining a shadow fleet, delivering one of the harshest rebukes to the measure that had been meant to cut revenue to the Kremlin.

– Oil steadied on Tuesday after the previous day’s drop as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued, while investors awaited signals on U.S. interest rates ahead of a key meeting on Wednesday.

One naphtha trade, no gasoline deals.
Source: Reuters (Reporting by Mohi Narayan; Editing by Vijay Kishore)

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