Premiums up by 10% on BPCL’s naphtha sales

Bharat Petroleum Corp Ltd (BPCL) has sold a naphtha cargo to Marubeni at about US$45/ton above Middle East quotes on a free-on-board (FOB) basis. Premiums have risen by nearly 10%, amid strong demand for May cargoes, as per Reuters. BPCL sold the 35,000 ton cargo for May 23-25 loading from Mumbai. In a previous deal, BPCL had fetched US$41/ton premiums from PetroChina for a cargo scheduled for April 16-18 loading from Mumbai. The market has been plagued by tight supplies that have persisted since the start of the year due to a combination of factors which include refinery maintenance, plant outages and strong demand.
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