Vitol barred from European naphtha "window" trade

15-Mar-13

Vitol, the dominant trader in Europe's naphtha market, has been barred by pricing agency Platts from its daily "window" naphtha trading session after failing to deliver on time some cargoes that it had sold, as per traders in Reuters. A ban from the window - a 30 minute session where market participants conduct trades that are visible to all - does not prevent a company from trading outside it but significantly reduces a trader's clout in the market. Vitol declined to comment. The delays had led buyers to complain to Vitol and in some cases to suspend further trading with it, according to traders. It was unclear how long the ban would remain in place. Two traders estimated 15 cargoes had not been delivered on time between January and February. Vitol became the most active buyer on the naphtha market in 2012 before switching to selling in H2-January.