Asia naphtha margin eases; Iraq offers supplies via trucks
USO•Asia’s naphtha refining margin fell about $21 to $115.85 per metric ton over Brent, while Iraq’s SOMO offered about 8,000 tons of naphtha for export by truck.
1. Margin declines
Asia’s naphtha refining margin declined on Monday amid strong crude oil prices and rising supplies from Russia, while exports from the Gulf remained constrained. The naphtha-Brent crack fell $21.18 to $115.85 per metric ton, and the market remained backwardated at $28.75 a ton.
2. Iraq offers naphtha
Iraq’s state-oil company SOMO offered about 8,000 tons of naphtha on an ex-works basis, to be transported by truck for export through available land border crossings. The tender closes on Monday.
