Premiums on BPCL’s high-aromatic naphtha plunge

Premiums realized by India's Bharat Petroleum Corp Ltd (BPCL) for high-aromatic naphtha plunged more than three folds on weakening derivative demand due to falling petrochemical margins. Currently, the aromatics market in Asia is in dire conditions on increased supplies from the Middle East and China, along waning gasoline demand that curbs the use of aromatics as blendstocks. The state run refiner had realized a premium of over US$40 for heavy grade for end-September lifting from Mumbai to Glencore. This week, BPCL sold 27,000 tons of the heavy grade for late-October lifting from Mumbai by tender to Chevron at a premium of US$12-14/ton to Middle East quotes, on a free-on-board (FOB) basis.
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