Asia and Middle Eastern Naphtha Daily Market Analysis / Shipowners remain wary to transport naphtha through Straits of Hormuz / Kuwait oil industry site damaged following Iranian attacks / The Asian naphtha market July 20 was expected to strengthen as naphtha flows from the / production was not immediately affected by the strikes, any damage to oil industry / month August-September Mean of Japan swap time spread at $40.50/mt mid-morning July / Aramco Petrochemical Co. (Hapco) refinery is expected to begin trial operations around / to the 300,000 b/d refinery, the project includes an ethylene cracker with a production / Japan Naphtha Daily Rationales & Exclusions / Naphtha C+F Japan Cargo <PAAAD00> assessment rationale: The CFR Japan naphtha cargo / assessment July 20 took into consideration a bid for H1 September-H2 September at / of $202.30/mt. the H1 September-H2 September time spread at $14.25/mt and the H2 / September-H1 October time spread $23/mt. Naphtha FOB Spore Cargo <PAAAP00> / assessment rationale: The FOB Singapore naphtha assessment was derived as a freight / CFR Japan naphtha first cycle assessment minus the cost of transporting a 30,000-mt clean / cargo on the Singapore-to-Japan route. Naphtha FOB Arab Gulf Cargo <PAAAA00> assessment / rationale: The FOB Arab Gulf naphtha assessment was derived as a freight netback from the / CFR Japan naphtha marker using the following calculation: CFR Japan naphtha marker minus / Market on Close assessment process. No data was excluded from the July 20 Asian naphtha / FOB Fujairah Naphtha Daily Rationale & Exclusions / Naphtha FOB Fujairah <NFJSA00 > assessment rationale: The FOB Fujairah naphtha / assessment July 20 took into consideration the naphtha Mean of Arab Gulf strip value at / or trades in the FOB Fujairah naphtha Market on Close assessment process. The MOPAG / naphtha strip was calculated from the August MOPAG naphtha swap at $727.35/mt and the / September MOPAG naphtha swap at $686.55/mt. The cash differential took into