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Asia Naphtha/Gasoline-Naphtha crack hovers near November lows, backwardation narrows

Asia’s naphtha refining profit margin extended fall and lingered near November lows on Thursday after crude oil benchmarks surged.

The refining profit margin for naphtha weakened by about $8 to $32.88 per metric ton over Brent crude and the backwardation narrowed sharply to $9.50 a ton.

Oil prices gained on concerns of lower supply as major producers OPEC+ kept their output policy unchanged in a meeting of top ministers from the Organization of Petroleum Exporting Countries and its allies (OPEC+) including Russia.

The gasoline crack was steady near $14 per barrel over Brent crude on Thursday after Singapore’s light distillate stocks fell to a two-week low of 15.207 million barrels in the week to April 3.

NEWS

– Indian refiners’ crude oil throughput in February dropped 3.3% year on year to 5.28 million barrels per day (20.88 million metric tons), provisional government data showed.

– Russia’s Novatek is being forced to scale back its huge Arctic LNG 2 project after Western sanctions curbed its access to ice-class tankers, and will focus instead on developing its project at the ice-free port of Murmansk, industry sources said.

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Source: Reuters (Reporting by Mohi Narayan)

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