Reliance sells naphtha cargo for end July loading slightly higher than a previous sale

08-Jul-11

India's Reliance Industries sold a naphtha cargo for end July loading at US$13-14/ton above Middle East quotes on a free-on-board (FOB) basis, slightly higher than a previous sale, reflecting stronger sentiment, as per Reuters. Around mid-week, the 55,000-75,000 tons long-range cargo was sold to an undisclosed European trader. Reliance had previously fetched premiums of US$11-13/ton for a long-range cargo lifting July 17-22 from Sikka. Naphtha sentiment has been improving gradually since last Friday, on demand to be used as a gasoline blendstock in the Americas has improved, preventing more European naphtha from coming to Asia, which had been struggling with high stockpiles for nearly 1-1/2 months.