Asia and Middle Eastern Naphtha Daily Market Analysis / Hormuz ship crossings drop amid dark transits / Singapore imports of naphtha, reformates, other blendstocks srise 34.83% / The Asian naphtha market July 17 is expected to strengthen as Asian buyers feel growing / Islamic Revolutionary Guard Corps carried out retaliatory strikes against US military / AMEC bought 25,000 mt of naphtha for H1 delivery at a premium in the high teens to low / delivery, previously reported. The company previously bought 25,000 mt of naphtha for H2 / August delivery at a premium of $2-$3/ mt to MOPJ naphtha assessments, CFR, with pricing / over 45 days prior to delivery. Brokers pegged the front-month August-September Mean of / Japan swap time spread at $32.50/mt mid-morning Jul 17, widening from $29.50/mt at the / July 16 Asian close, previously reported. Singapore’s imports of naphtha, reformates and / other blendstocks rose 34.83% week over week to 295,672 mt in the week to July 15, / than threefold week over week to 91,745 mt from 30,053 mt the week before. However, / compared to nil the week before. Imports from Malaysia edged down 4.97% week over week / the data showed. Additionally, Brunei exports to Singapore fell to zero from 6,316 mt the / week before. The city-state’s exports of naphtha, reformates and other blendstocks surged / week over week to 104,592 mt from 4,027 mt the week before. The bulk of these shipments / went to China, Indonesia and Malaysia, which absorbed 35,261 mt, 34,139 mt and 35,190 mt, / Japan Naphtha Daily Rationales & Exclusions / Naphtha C+F Japan Cargo <PAAAD00> assessment rationale: The CFR Japan naphtha cargo / of $185/mt. the H1 September/H2 September time spread at $10.25/mt and the H2 / September/H1 October time spread $21/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 / to-Japan route. Exclusions: No market data was excluded from the July 17 Asian naphtha / derivative Market on Close assessment process. No market data was excluded from the July / FOB Fujairah Naphtha Daily Rationale & Exclusions / Naphtha FOB Fujairah <NFJSA00 > assessment rationale: The FOB Fujairah naphtha / assessment July 17 took into consideration the naphtha Mean of Arab Gulf strip value at / trades in the FOB Fujairah naphtha Market on Close assessment process. The MOPAG / naphtha strip was calculated from the August MOPAG naphtha swap at $690.09/ mt and the / September MOPAG naphtha swap a $659.56/mt. The cash differential took into consideration / the FOB Arab Gulf cash differential against the MOPAG naphtha physical in the absence of