SINGAPORE: India's Essar Oil naphtha sales price for February returned to premium levels after slumping into a discount as delays in shipments from Europe to Asia coupled with strong demand boosted prices, traders said on Tuesday.
Essar Oil sold up to 35,000 tonnes of naphtha for Feb. 21-25 loading from Vadinar to Vitol at premium levels over the $10 a tonne mark to Middle East quotes on a free-on-board (FOB) basis.
Traders said the price was likely in the high teens, although this could not be confirmed as both seller and buyer do not usually discuss deals.
Previously, Essar had sold similar volumes, but for early February-loading from the same port, at a mid-single digit discount level a tonne to Middle East quotes on an FOB basis to Petro-Diamond.
Separately, Vitol had also bought 24,000 tonnes of naphtha from Kuwait this week for Feb. 15-25 loading at a premium of about $12 a tonne to Middle East quotes on an FOB basis.
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