Indian Oil Corp (IOC) has sold about 60,000 tons of April-loading naphtha at premiums of US$23-24/ton to IOC's price formula on a free-on-board (FOB) basis. These premium levels are similar to its previous deal. Two 30,000 ton lots loading on April 10-12 from Dahej and April 11-13 from Kandla, were sold to an oil major. Despite a dip in the premiums from early March levels, premium levels are still quite strong and the market is still bullish, particularly in the West, preventing arbitrage cargoes from moving to Asia.
Bharat Petroleum Corp Ltd (BPCL) has issued a tender offering three open-spec naphtha cargoes, for loading a total of 90,000 tons, for cargoes loading on April 3-7, April 11-15 and April 19-23 from Mumbai on a free-on-board (FOB) basis. Two cargoes totalling 60,000 tons were sold by BPCL for March 10-15 and March 18-22 lifting, to France's Total and Japan's Itochu at premiums of $20-21/ton, FOB.