UpdateIndia to export 700,000 tonnes naphtha in February - traders
27 January 2012 04:23 [Source: ICIS news]
(adds paragraphs 5-7 on Reliance Industries' naphtha offers)
SINGAPORE (ICIS)--?xml:namespace>India is expected to export 700,000 tonnes of naphtha in February, unchanged from January volumes but sharply less than its December outflows largely because of lower refinery output, traders said on Friday.
Indian refineries were estimated to have shipped out 900,000 tonnes of naphtha during December 2011.
“The Asian market is facing tighter supply,” said one trader.
On Thursday, the naphtha crack spread surged to an eight-month high of $143.38/tonne (€108.97/tonne) against Brent crude futures, according to ICIS data.
India’s Reliance Industries is offering less naphtha cargoes on the spot market because of refinery maintenance, traders said.
The company has cut February export availabilities to two cargoes from the usual three to four lots, they added.
In addition, there are some issues related to oil products loading in one of major ports in India, traders said.
($1 = €0.76)
For more on naphtha, visit ICIS chemical intelligenceBy: Felicia Loo
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