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Asian Naphtha Margins Narrow Amid Vessel Delays

OIL PRODUCTS

Naphtha refinery margins in Asia have risen to the highest since Dec 18 as Red Sea diversions have increased according to Bloomberg.

Tanker diversions are resulting in delayed arrivals of cargoes from producers in Europe and North Africa to Asian buyers.

  • Asia’s naphtha margin over Dubai crude was the narrowest since Dec at -$4.12/bbl on Jan 16 according to Bloomberg data although has eased back out slightly today.
  • Significant delays to cargoes from countries such as Russia and Algeria are driving growing concern for supply tightness according to three North Asian petrochemical buyers.
  • Vessel diversions around southern Africa instead of via the Suez Canal may be as much as 10 to 15 days, two buyers said.
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