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2026-07-15 18:56:11
[Naphtha Prices Hold Firm Near Two-Month High as Hormuz Supply Concerns Continue to Escalate] ⑴ Asian naphtha prices remained strong on Wednesday, with premiums rising further, as traders noted that attacks between the US and Iran exacerbated market concerns about supply disruptions in the Strait of Hormuz. ⑵ Naphtha refining margins relative to Brent crude hovered near a two-month high of $185 per tonne, with Indian exporters selling cargoes for late July shipments at premiums exceeding $100 per tonne this week. ⑶ However, light distillate inventories at the Fujairah trading hub rose to a five-week high of 1.77 million barrels, indicating some localized supply accumulation, but failing to reverse the overall bullish sentiment. ⑷ Gasoline crack spreads remained stable at around $21 per barrel, keeping refinery profits within a healthy range. ⑸ The shutdown of the Salavat petrochemical plant in Russia following a Ukrainian drone attack further increased disruptions to refined product supply, and the naphtha market's supply-demand balance is expected to remain tight in the short term.
