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Asia Naphtha-India Essar Oil Sells 55,000 T To Vitol April Exports Up

Date 04-April-2014
Subject Asia Naphtha-India Essar Oil Sells 55,000 T To Vitol April Exports Up

India's Essar Oil has sold around 55,000 tonnes of naphtha to Vitol at about $35 a tonne over Middle East quotes on a free-on-board (FOB) basis, traders said on Thursday.

This brought Essar's total April exports to about 90,000 tonnes, its highest monthly volumes since January based on Reuters data.

The cargo is scheduled for April 19-23 loading from Vadinar in western Gujarat state. Essar Oil usually sells naphtha in 35,000-tonne lots although it offers larger lots of 50,000 to 55,000 tonnes from time to time.

Naphtha sentiment this week however is slightly weaker than last due to largely muted spot demand from South Korea as most of the buyers are covered for first-half May.

Traders said buyers will be scouting for second-half May cargoes soon, but are waiting for the right time in view of the current firm premiums.

Source : in.reuters.com

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