Indian Oil Corp. sells naphtha for December at lower discounts than November

A minimum of 90,000 tons of naphtha for December lifting has been sold at Indian Oil Corp (IOC) at narrower discounts as compared to November values, mainly due to short-covering, wherein traders try to fill short term supply gap. About 30,000 tons was sold to Itochu for Dec. 7-9 lifting from Kandla at US$19/ton below its own price formula. The same amount was sold to Glencore for Dec. 18-21 loading from Kandla at US$15/ton discount. 30,500 tons was sold to Itochu for Dec. 19-21 lifting from Dahej at US$9/ton discount.
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