November 8, 2017 / 7:55 AM / 4 months ago

BUZZ-India BPCL's naphtha sales premium at highest in over 1 yr

** India’s Bharat Petroleum Corp Ltd (BPCL) sold 45,000 tonnes of naphtha for November loading at about $19 a tonne above its price formula on a free-on-board (FOB) basis, highest premium it has received in over a year

** BPCL sold the fuel in two separate cargoes of 20,000-tonne and 25,000-tonne respectively for co-loading from Kochi and Mumbai on Nov 16-17 to European trader Gunvor, traders say

** Strong fundamentals are repeatedly driving prices higher

** The last time BPCL saw its premium higher than the levels fetched last night was when it sold a cargo for January 2016 loading

Reporting by Seng Li Peng; Editing by Biju Dwarakanath

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