Sentiments in the Asian naphtha market turned more negative May 18, as Trump returned from a US-China summit that failed to yield concrete steps toward ending Iran’s control of the Strait of Hormuz. Furthermore, a drone strike near the UAE’s nuclear power plant May 17 heightened geopolitical tensions in the Middle East and raised concerns about supply disruptions. The progress on the Middle East conflict remained stalled as both the US and Iran remained divided with regards to key issues, prolonging disruptions at the Strait of Hormuz. Brokers pegged the front month June-July Mean of Japan swaps time spread at $55/mt in midafternoon Asian trading May 18, down $2/mt from the previous Asian close. In tenders, Japan’s AMEC bought 25,000 mt of naphtha for H1 July delivery to Chiba at...