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MOSCOW/NEW DELHI (Reuters) -Russian energy company Novatek is likely to resume large-scale operations at its Ust-Luga processing complex and Baltic Sea terminal within weeks, following a suspected drone attack seen disrupting naphtha flows to Asia, analysts said on Monday. The tightening of supply from Russia, following fears of disruption in European naphtha exports to Asia from Yemeni Houthis' attacks on ships in the Red Sea, are driving up naphtha prices and refining margins in Asia. The profit margin for making naphtha in Asia jumped by about $6 to $91.70 per metric ton over Brent crude on Monday after four straight sessions of losses. ....
Novatek said on Sunday it had been forced to suspend some operations at the huge Baltic Sea fuel export terminal and "technological process" at the complex due to the fire. ....
Oil Outlook: The front-month U.S. West Texas Intermediate crude futures , for February delivery, inched down 2 cents to USD 73.39 a barrel with the contract set to expire later on Monday. The more active March WTI contract was at USD 72.95 a barrel, down 30 cents. ....
Air defense systems in Russia’s Leningrad Oblast are likely meant to defend against NATO, rather than drone strikes emanating from Ukraine, according to a report by the U.S.-based Institute for the Study of War (ISW) released on Jan. 21. ....
Brent crude rose 90 cents to $79.46 a barrel by 1450 GMT, while the front-month U.S. West Texas Intermediate crude futures contract for February delivery was up $1.10 at $74.42 ....