Formosa Naphtha Tender & MOPJ Swaps Surge

Asia and Middle Eastern Naphtha Daily Market Analysis / Ukraine claims drone attack on Russia’s Ust-Luga Novatek plant / Taiwan’s Formosa seeks 75,000 mt naphtha for H1 May delivery / Japan’s Feb naphtha steam cracker runs average 75.7%

Jun 02, 2026

The Asian naphtha market held firm March 26 following attacks on Russia’s Ust Luga Novatek plant, sources said. Ukraine has claimed attacks on Russia’s Ust- Luga port and Novatek gas processing facility late March 24, in a second hit to the country’s Baltic Sea infrastructure within just a few days.Primorsk, the region’s top petroleum export hub, was hit March 23 as part of Ukraine’s overnight drone campaign. Oil tanker traffic has halted since the attacks at the two ports handling 40%-50% of Russia’s seaborne oil exports, according to Commodities at Sea data. A Telegram statement from the Ukrainian military on March 25 said it struck the Novatek Ust-Luga plant, hitting a tank farm on the premises and fuel loading infrastructure. The incident sparked a fire at the facility, it said....

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