NEW DELHI/SINGAPORE Oct 4 India's Essar Oil has
sold 35,000 tonnes of naphtha to Itochu for Oct. 26-30 loading
from Vadinar at about $31-32 a tonne above Middle East quotes on
a free-on-board (FOB) basis, with traders saying the premiums
reflected a firm market.
The average premium for Indian cargoes being shipped last
month was about $20 a tonne.
Strong gasoline demand in the West has affected the overall
supply situation in Asia, as it will receive about
400,000-450,000 tonnes of European naphtha this month versus
800,000 tonnes last month.
Naphtha can be used for gasoline production.
Traders said Asia could need a few more cargoes from the
West to offset the volatility in India's exports which have been
unpredictable due to refinery maintenance and domestic gasoline
(Reporting by Seng Li Peng and Nidhi Verma; Editing by Himani