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Asia's gasoline profit margin hit a fresh 13-month high of $10.01 a barrel on Friday, as attacks on Saudi Arabia's oil facilities will dent the kingdom's refining oil products even if Aramco restores oil production by end-September, industry sources said on Friday.

Asia's naphtha crack was at a three-session high of $51.57 a tonne.

Saudi Aramco was seen on a spree, locking in at least 120,000 tonnes of European cargoes for September loading from Greece and Russia on top of 60,000 tonnes it had bought this week from India's HPCL.

It also had a contract with Egypt sealed before the attacks to load up to 77,000 tonnes of naphtha this month from Suez.

The attacks on Saturday has driven naphtha spot prices significantly higher this week.

YNCC, for instance, had to shell out a premium of about $10 a tonne to Japan quotes on a cost-and-freight (C&F) basis for five open-specification naphtha cargoes totalling around 125,000 tonnes for first-half November arrival at Yeosu.

This was in sharp contrast versus a discount of $2 it had paid in early September.

India's MRPL offered 35,000 tonnes of naphtha for Oct. 8-10 loading from New Mangalore through a tender closing on September 24.

BPCL and IOC have outstanding tenders to sell a total of 70,000 tonnes for October loading from Kochi and Chennai respectively. India's Haldia Petrochemicals is operating its naphtha cracker at full capacity as a fire at a pipeline did not affect throughput.

Copyright Reuters, 2019


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