Asia Naphtha/Gasoline-Naphtha price pauses rally mirroring crude

NEW DELHI, March 24 (Reuters) - Asia's naphtha prices eased from record highs on Tuesday in line with falling crude benchmarks, but remained near multi‑year peaks as ongoing supply disruptions from the Middle East kept the market tight, traders said.

Crude futures fell more than 10% on Monday, after Trump ordered a five-day delay to planned strikes on Iran's power plants, saying the U.S. had talks with unnamed Iranian officials that produced "major points of agreement".

The first-half May naphtha cargo prices fell by $101 to $1184.25 per metric ton in a steep backwardation of $129 a ton. The refining margin also came down but traded near 2022 highs at $417.60 per metric ton over Brent crude.

Japan Petrochemical Industry Association said on Tuesday that they are rushing to buy naphtha even at high prices to avoid supply cut. It also said current supply will not immediately run out.

In gasoline market, India's MRPL resumed export tenders after temporary suspension. It offered two parcels of gasoline of 35,000 tons and 40,000 tons for loading during April 6 and 7, a tender document reviewed by Reuters showed. The tender is valid until Wednesday.

NEWS

- Some of the world's top oil executives and energy ministers in Houston on Monday expressed growing concern over the long-term effects of the U.S.-Israel war with Iran on the global economy, while the U.S. Energy Secretary Chris Wright downplayed the crisis.

- Iran launched waves of missiles at Israel on Tuesday, the Israeli military said, a day after U.S. President Donald Trump said there had been "very good and productive" talks aiming at halting the conflict raging across the Middle East.

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