Essar sells naptha to Glencore at a lower premium

12-Sep-07
Essar Oil Ltd. is reported to have sold a late-September cargo of naphtha to oil trader Glencore at a lower premium to its earlier sales. Indian refiners are expected to export about 950,000 tons of naphtha for this month, and have so far sold or offered only 740,000 tons. The higher volumes of exports from Indian refiners and weakening demand from Asian petrochemical producers have resulted in depressed naphtha premium to Brent crude futures to a one-month low of US$116 a ton this week. Essar Oil sold the 35,000-ton cargo at US$4-5/ton premium to Middle East spot quotes, free-on-board (FOB) Vadinar basis. In its previous tender, Essar sold a mid-September cargo of heavy naphtha to Glencore at undisclosed premium earlier last week. Before that tender, it also had sold a 35,000-ton lot for September 4-5 loading to Vitol at a US$7-9 premium on FOB Vadinar basis.
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