NEW DELHI: Asia’s naphtha refining profit margin rose on Monday after falling nearly 34% last week on demand concerns, due to tight supplies and volatility in crude oil benchmarks.

The crack rose to $110.60 a tonne, up $10.28 from Friday’s close, but still near its lowest level since August 2021. The inter-month spread narrowed in backwardation structure by $1 to $8 per tonne.

In physical markets, Total purchased a cargo of 25,000 tonnes of naphtha for delivery in second-half May.

Indian Oil Corp sold 35,000 tonnes of naphtha with minimum 60% paraffin content loading on April 15-17 from Chennai to Total at around $20 per tonne above its price formula, traders said.

The refiner also offered two cargoes of 28,000-30,000 tonnes of heavy full-range naphtha for delivery in H1 and H2 April.

BPCL sold 30,000 tonnes of naphtha with minimum 65% paraffin content loading in first-half April to Vitol at $10 a tonne above its price formula.

HPCL also sold naphtha with minimum 56/65% paraffin content to Vitol, but $8-$9 below its price formula.