This episode unpacks how South Korea’s aggressive condensate buying and Russian export disruptions have reshaped Asia’s light ends market. We explore the ripple effects on pricing, trade flows, and regional supply, as well as the impact of Middle East refinery turnarounds. With premiums surging and availability tightening, we look ahead to Q4 and what it means for buyers navigating a volatile condensate and naphtha landscape.

• South Korea’s aggressive condensate buying spree

Driven by fears of naphtha shortages, South Korean refiners are snapping up regional condensate and ultra-light crude grades, pushing out traditional buyers like Indonesia’s TPPI.

• Russian export disruptions following the Ust-Luga terminal attack

The late-August drone strike on Novatek’s facility has halted condensate splitter operations, slashing naphtha exports to Asia and tightening regional supply.

• Middle East refinery turnarounds tightening naphtha supply

Planned maintenance at Kuwait’s Mina Abdullah and Saudi Arabia’s Satorp refineries in Q4 is expected to reduce naphtha output, compounding the supply crunch.

• Surging spot premiums across condensate and naphtha markets

Premiums for grades like Ichthys, Cossack, and Kutubu Light have hit multi-year highs, while naphtha cracks and spot premiums have climbed amid tighter availability and shifting trade flows.