Indian Oil Corp (IOC) has resumed selling naphtha from Chennai after a month's absence, fetching a high premium of at least US$40/ton to its own price formula on a free-on-board (FOB) basis, as per Reuters. The 35,000 ton cargo, scheduled for May 15-17 loading from Chennai, was sold at an estimated US$41-43/ton premium to European trading house Vitol, the traders added.
This made it the highest price IOC has fetched for a Chennai cargo in about a year. It had previously sold an April 2013 Chennai cargo to Unipec at more than US$55/ton premium, Reuters data showed. Tight prompt supplies caused by strong demand and delays in cargoes arriving in Asia from Algeria had added to the supply woes for buyers.
03-May-14 
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