India’s ONGC sells mid-July naphtha at 50% higher premium

27 June 2012 07:57  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Oil and Natural Gas Corp (ONGC) sold by tender 35,000 tonnes of naphtha for loading from Mumbai in western India on 14-15 July at a premium that is 50% higher than its earlier sale, traders said on Wednesday.

ONGC sold the cargo, which was offered earlier this week, for 14-15 loading at a premium of $19.50/tonne (€15.60/tonne) to FOB (free on board) Middle East quote to a European trading house,

The company closed its previous sales of a parcel for 12-13 July loading late last week and fetched a premium of $13.00-13.50/tonne to FOB Middle East quote to a Japanese trading house.

“Premiums have rebounded. That shows that prompt demand is improving,” a Singapore-based trader said.

“[Naphtha] cracks are recovering, along with a change into a flat market. Perhaps the market has bottomed out,” another trader based in Singapore said.

By: Ong Sheau Ling
+65 6780 4359

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