Asia’s naphtha markets gained on Friday after crude oil prices slumped on perceptions that the voluntary oil output cuts agreed by OPEC+ producers were underwhelming.

The crack jumped by about $18 to $70.40 per metric ton over Brent crude and the second-half January naphtha price fell by $5.75 to $675.50 per ton in backwardation structure.

At the deals window, there were no trades for naphtha. A slew of trades in gasoline markets lifted sentiment for the benchmark-grade of the fuel.

Five cargoes, each of 50,000 barrels, changed hands at the Singapore trading window, market participants said.

The gasoline crack GL92-SIN-CRK rose to $9.17 per barrel over Brent on Friday, compared with $8.68 per barrels a day earlier.

NEWS

– Russian oil product exports from the Black Sea port of Tuapse in December are set to rise by 28.9% month-on-month to 1.469 million metric tons from 1.103 million scheduled for November, two traders said on Friday.
– Japan’s biggest refiner, Eneos Corp, restarted a 150,000 barrels-per-day (bpd) crude distillation unit (CDU) at its Mizushima-A refinery in western Japan on Nov. 27 after scheduled maintenance, a company spokesperson said on Friday.
Source: Reuters (Reporting by Mohi Narayan; Editing by Shilpi Majumdar)