India's Essar Oil has sold a second naphtha cargo for October at about US$32/ton above Middle East quotes on a free-on-board (FOB) basis, as per Reuters. This is about 14.5% higher than a previous sale. The 33,000-35,000 ton cargo, scheduled for Oct. 12-16 loading from Vadinar port in western India, was sold to PetroDiamond. Essar had previously sold a medium-range cargo for H1-October loading to Glencore at a premium of about US$28/ton.
Asian markets are strengthening as Europe seems unlikely to ship more naphtha to Asia. Asia is structurally short of naphtha and is dependent on the West to plug its supply shortfall.
27-Sep-12 
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