NEW DELHI: Asia’s naphtha refining profit margin regained ground on Monday after last week’s more than 5% decline, buoyed by tight supplies from the Middle East.
The crack rose to $162.63 a tonne, up $7.08 from Friday’s close, while the inter-month time spread widened in backwardation to $25.25 a tonne.
Thinner than usual inflows from Asia’s top naphtha supply region, the Middle East, weighed heavily. February inbound volumes have reached only 2.4 million metric tonnes so far and are on track to hit their lowest monthly total in more than a year, assessments from Refinitiv Oil Research showed.
Sri Lankan state oil company Ceypetco is seeking 300,000 barrels of 92-octane grade gasoline for March delivery. Sri Lanka is trying to arrange payment of $35 million for a shipment of 40,000 tonnes of diesel with only a few days of stocks left, the energy minister said on Monday, warning of a looming fuel shortage as foreign exchange runs short.
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