Asia’s naphtha refining profit margin rose on Tuesday after two deals emerged at the trading window after a gap of five sessions.

The crack gained about $2 to $64.23 per metric ton over Brent crude and the backwardation price structure widened to $1.50 a ton.

In tenders, India’s MRPL was heard to have sold 30,000 tons of naphtha for loading during August 7-8 at a discount this week, market participants said.

In the gasoline market, the crack was steady in the absence of any deals, bids or offers at the trading window.

Meanwhile, Russia-backed Indian refiner Nayara Energy has reduced operating rates to 70%-80% in an aftermath of new European Union sanctions, trade sources said.

NEWS

– Kuwait’s oil minister said he was optimistic about the oil market’s fundamentals and that OPEC+ efforts aim for market balance, the state news agency (KUNA) reported.

– Oil prices edged up on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine.

SINGAPORE CASH DEALS

Two naphtha trades.
Source: Reuters