Asia Naphtha/Gasoline-Margins weaken, spot trade tepid

ReutersJan 26, 2026 11:20 AM

SINGAPORE, Jan 26 (Reuters) - Asia's refining profit margins for light distillates eased on Monday, while spot trading momentum was broadly thin.

The naphtha crack dipped to $85.05 per metric ton over Brent crude. Meanwhile, the gasoline crack fell to $6.03 per barrel.

Trading momentum in the spot market was tepid on Monday, with some competitive offers capping gasoline benchmarks.

NEWS

- Oil prices edged higher on Monday after climbing more than 2% in the previous session, as output disruptions in major U.S. crude-producing regions and tensions between the U.S. and Iran boosted prices. O/R

- Few refineries on Sunday reported problems on the first day severe cold descended across the U.S. Gulf Coast, home to about half of the country's crude oil refining capacity.

- Russian fuel oil exports to Asia slowed in early 2026 as rising scrutiny due to tighter Western sanctions hampered trade while Ukrainian drone attacks on refining facilities in Russia reduced output, according to shipping data and industry sources.

SINGAPORE CASH DEALS O/AS

No naphtha trade, no gasoline trade.

PRICES

CASH	ASIA CLOSE	Change	Prev Close	RIC
OSN Naphtha CFR Japan M1 ($/mt)	578.25	8.75	569.50	NAF-1H-TYO
OSN Naphtha CFR Japan M2 ($/mt)	571.50	7.75	563.75	NAF-2H-TYO
OSN Naphtha Diff ($/mt)	6.75	1.00	5.75	NAF-TYO-DIF
Naphtha Netback FOB Sing ($/bbl)	62.25	0.97	61.28	NAF-SIN
Naphtha-Brent Crack ($/mt)	85.05	-0.40	85.45	NAF-SIN-CRK
Gasoline 97 ($/bbl)	73.94	1.38	72.56	GL97-SIN
Gasoline 95 ($/bbl)	73.44	1.80	71.64	GL95-SIN
Gasoline 92 ($/bbl)	71.79	1.05	70.74	GL92-SIN
Gasoline crack ($/bbl)	6.03	-0.17	6.20	GL92-SIN-CRK

For a list of derivatives prices, including margins, please double click the RICs below.
Brent M1	BRENTSGMc1
Naphtha CFR Japan M1	NACFRJPSWMc1
Naphtha CFR Japan M1/M2	NACFRJPSDMc1
Naphtha CFR Japan M2	NACFRJPSWMc2
Naphtha Japan-Sing Netback M1	NAPTC4SPDMc1
Naphtha Japan-Sing Netback M2	NAPTC4SPDMc2
Naphtha FOB Sing M1	NAFOBSGSWMc1
Naphtha FOB Sing M1/M2	NAFOBSGSDMc1
Naphtha FOB Sing M2	NAFOBSGSWMc2
Naphtha Cracks M1	NACFRJPCKMc1
East-West Naphtha M1	NAPJPEWMc1
East-West Naphtha M2	NAPJPEWMc2
NWE Naphtha M1	NAPCNWEAMc1
NWE Naphtha M1/M2	NAPCNWEASMc1
NWE Naphtha M2	NAPCNWEAMc2
Crack NWE Naphtha-Brent M1	NAPCNWEACMc1
Crack NWE Naphtha-Brent M2	NAPCNWEACMc2
*Sing refers to Singapore

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