Reliance sells 80,000 tons of naphtha for H2 Aug at lower premiums

Naphtha prices in Asia continue to dampen as supplies strengthen. Reliance Industries has sold 80,000 tons of naphtha by tender for Aug 16-21 lifting from Sikka to Vitol a per ton premium of US$15 to Middle East quotes, on a free-on-board (FOB) basis. This indicates a drop in H2-August lifting at a premium nearly half of th US$28/ton premium RIL realized on sale to PetroChina for Aug. 6-10 lifting from the same port. Approximately 1.7 mln tons of spot naphtha will be delivered to Asia next month from Saudi Arabia, Kuwait, Europe, the United States, Mediterannean and India, as against last month’s 1.4 mln tons of spot naphtha from the West, Kuwait and India for July deliveries.
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