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[Asian Naphtha Prices Fall Along with Brent, Supply Concerns Limit Declines] ⑴ Asian naphtha prices fell on Thursday, following crude oil benchmarks, but continued supply concerns in the Gulf region limited the decline. ⑵ First-half November cargo prices fell by about $22 to around $943 per ton, with the market maintaining a deep backwardation structure; the price difference between the first half of November and the first half of December was approximately $29 per ton. ⑶ Refining margins for naphtha against Brent crude rose by about $5 to around $160 per ton. ⑷ In the bidding market, traders reported that LG Chem purchased up to 25,000 tons of naphtha for the second half of November at a premium, while Japan's AMEC purchased 25,000 tons of supply for the second half of October at a discount. ⑸ In the gasoline market, trade sources indicated that Indonesia's state-owned oil company Pertamina is seeking multiple shipments of benchmark-grade fuel for the first half of October, following its purchase at a premium of 400,000 barrels of fuel for shipment between September 24 and 27. (6) Inventory data shows that light distillate fuel stocks, including naphtha and gasoline, rose to approximately 13.81 million barrels, the highest level since May 27. (7) Naphtha imports totaled approximately 162,000 tons, with Kuwait leading the way at nearly 48,000 tons, followed by Trinidad and Tobago at approximately 31,000 tons; Singapore exported approximately 13,900 tons of naphtha, all destined for Indonesia. (8) Gasoline imports totaled approximately 303,000 tons, while exports totaled approximately 785,000 tons. (9) In related news, the Indian government ordered an immediate reduction in export windfall taxes on gasoline, diesel, and aviation turbine fuel. (10) Preliminary vessel tracking data shows that only three cargo ships passed through the Strait of Hormuz on Wednesday, down from 12 the previous day and far below the 10-day average of approximately 17.