Asia’s naphtha refining profit margin was steady on Friday and the backwardation between prompt and front months cargo narrowed to $8.50 a ton.

The crack traded at $92.13 per metric ton over Brent crude, compared with $92.23 on the previous day.

In tenders, India’s HPCL was heard to have sold naphtha for delivery from September 6-8 at a premium of about $20 a ton, market participants said.

Meanwhile, Russian energy company Novatek partially resumed gas condensate processing at its complex in the Baltic port of Ust-Luga, two market sources said on Friday, after suspending the operations last weekend due to a fire after a drone attack.

NEWS
– Indian refiners boosted U.S. crude oil purchases this month, drawn by competitive prices, trade sources said, a move that could help narrow the country’s trade deficit with the United States amid tensions between the two nations.
– Freight rates for Russian crude shipments from Baltic ports to India have risen in August, driven by fresh European Union sanctions and increased demand for tankers after higher loading volumes this month, trade sources said and shipping data showed.

SINGAPORE CASH DEALS
Two naphtha deals.
Source: Reuters