HPCL sells April naphtha from Vizag to Japan's Itochu at steep premiums

30-Mar-15

Hindustan Petroleum Corp Ltd (HPCL) has sold up to 30,000 tons of naphtha for loading from April 3-5 from Vizag to Japan's Itochu. The sales was at a steep premiums of around US$40/ton to Middle East quotes, - the highest premium on naphtha cargoHPCL has sold out of Vizag since Q4-2012, Reuters data showed. A persisting supply crunch, caused by delays of shipment from Europe to Asia, coupled with firm demand on a lack of cheap alternative liquefied petroleum gas (LPG) feedstock, has driven prices higher, traders said.The unrest in Yemen has also added to the bullish sentiment as volatile crude prices would prompt traders to hold back some of their naphtha cargoes in view of uncertainties. Aden exports small volumes of naphtha.