Asia’s naphtha markets extended gains on Tuesday as supply-side jitters arising from Russian Novatek’s export terminal fire continued to dominate market chatter.

The crack rose by about $3 to $95.10 per metric ton over Brent crude. The first-half March naphtha price traded $19.50 per ton higher than the following month in backwardation structure.

The Baltic Sea port of Ust-Luga was exporting crude oil and fuel on Tuesday apart from at Novatek’s terminal which remained closed after being damaged by fire, according to data from LSEG and industry sources.

The gasoline crack, on the other hand, was little changed at $13.91 per barrel over Brent crude on Tuesday.

NEWS

– Oil prices eased slightly on Tuesday as traders weighed simmering geopolitical tensions in several regions with supply outages in the U.S. and returning production in Libya. O/R

– Water supply was restored to TotalEnergies’ 238,000 barrel-per-day (bpd) Port Arthur oil refinery in Texas, that has been shut for nearly a week, people familiar with the plant operations said on Monday.
Source: Reuters (Reporting by Mohi Narayan; Editing by Mrigank Dhaniwala)