Naphtha premiums in Asia surged, with spot barrels fetching morethan three-month high levels, as lower Indian exports and limited European shipments to Asia curbed supply, as per Reuters.
Indian Oil Corp sold a naphtha cargo loading from Dahej on Sept. 18-20 to Unipec at a premium of US$34.50/ton above its pricing formula, a four-month high and about 20% higher than an August-loading cargo. Oil & Natural Gas Corp (ONGC) sold a Sept. 23-24 cargo loading from Hazira, also to Unipec, at a premium of US$39.30/ton above Middle East quotes, a more than 50% increase from a mid-September loading cargo sold to Total earlier.
Refinery maintenance around Europe is expected to keep supply tight and support prices there, which in turn is pushing up premiums in Asia. The supply situation might ease with Libya's largest oil refinery, Ras Lanuf, resuming operations, though that depends on the run rates achieved.
04-Sep-12 
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