RIL's Oct naphtha parcel fetches US$5-7 premium

80,000 tons of open-speculation naphtha parcel for October delivery were sold by Reliance Industries Ltd. (RIL) from Sikka to British Petroleum (BP) at a one-digit premium of US$5-7/ton over the Middle East quotes on FOB basis. This contradicted the two-digit discount on the naphtha parcel of 35,000 tons sold by ONGC to Glencore for October 1-2 lifting. Naphtha market in Asia has been marked by abundant supplies, caused by slowing demand due to weak petrochemical margins with Asian naphtha price standing at US$908.50/ton.
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