Singapore Gasoline Naphtha Spread Drops

Asian reforming spread 1-year forward curve enters rare rear contango / Tightness in naphtha supply supporting long-term prices / Gasoline prices to be moderated on slow demand

Jun 03, 2026

The Asian reforming spread — the difference between Singapore 92 RON gasoline and naphtha derivatives and a barometer of the economic attractiveness of naphtha use in gasoline blending — entered a rare contango across Q4-2026 and Q1-2027 in the last four Asian trading sessions as of March 24, data. The Q4-2026 reforming spread swap fell to an all-time low of minus $1.67/b at the March 24 Asian close after rebounding to plus 34 cents/b at the previous close. The latest print marks the first time the swap dipped into negative territory since began publishing prices for FOB Singapore 92 RON gasoline and naphtha derivatives in September 2016, historical data showed. Further down the forward curve, the Q1-2027 Asian reforming spread swap sustained a rare contango for four consecutive trading sessions,...

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