Naphtha exports from India to be high in February

India's February spot and term exports, as of this week, have exceeded 200,000 tons, including outstanding spot tenders from ONGC, Bharat Petroleum Corp and Reliance. Premiums are likely to dip from January levels, but prices will continue at a robust level on healthy demand in the region that includes demand for 1.2 mln tons a month from South Korea. Hence export volumes from India will stay firm on lucrative naphtha premiums. January witnessed unusually high export volumes of naphtha in Asia. Conventionally, exports from India are reduced at the start of the year due to captive consumption from power sector. The high naphtha premiums could have spurred the increased export volumes. Record high levels were seen of January premiums to Middle East quotes on a free-on-board (FOB) basis. Bharat Petroleum Corp Ltd (BPCL) fetched a record premium of US$59/ton from Emirates National Oil Co (ENOC) for a 27,000 ton parcel for Jan. 11-16 lifting from Kochi, fve times more than levels seen in November.
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