Asian oil product swaps

Asian oil products swaps were mostly higher on Friday, supported by firmer crude futures, which pushed product outrights to new multi-month highs. April naphtha swaps surged $2.60 from the previous session's close to $72.85 a barrel - an eight-and-half month high - while the April/May backwardation narrowed by 10 cents to 70 cents.
The ICE Brent/naphtha crack - the premium paid for naphtha versus Brent crude prices - for first-half May declined $1-$2 from the last Asian close to $166-$167 a tonne, amid a recovery in Indian exports. But demand is expected to firm as new cracking units come online and as some cracker maintenance see delays.