Naphtha margins in Asia spike on anticipated supply cuts

Naphtha margins over Brent crude futures jumped nearly 9% mid week last week, on anticipated supply cuts ahead of refinery maintenance in India and fewer shipments from Europe, as per sources in Reuters. Traders expect fewer shipments from Europe to Asia due to refiners relying more on naphtha as an alternative to liquefied petroleum gas (LPG) in winter, which could keep margins supported in Asia. But the rise in margins were capped as some spot supply appeared from India, with Indian Oil Corp offering a cargo from Kandla in early November. This follows earlier supply tenders from Bharat Petroleum Corp Ltd and Mangalore Refinery and Petrochemicals Ltd, despite a heavy maintenance period expected in the fourth quarter in India.
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