S-Oil sells 33,000 tons of light naphtha to Japan at premiums

19-Aug-11
South Korea's S-Oil has sold 33,000 tons of light naphtha for Sept. 15-27 loading from Onsan to a Japanese trader at premiums of around US$3.50/ton to Japan quotes on a free-on-board (FOB) basis, as per Reuters. This contrasts sharply with a discount of US$2.50/ton previously paid for similar volumes for lifting Aug. 21-31. Premiums are rising in Asia mainly because of firming naphtha sentiments due to tighter supplies amid healthy demand and limited arrival of European cargoes. Cracks are at a 3-1/2 month high on Thursday at US$129.25/ton premium.
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