India’s ONGC sells early Aug naphtha at 18% higher premium

19 July 2012 08:44  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Oil and Natural Gas Corp (ONGC) has sold through tender a 35,000-tonne naphtha lot for loading from Hazira at a premium 18% higher than its previous sales, traders said on Thursday.

The cargo, which will be loaded on 5-6 August, fetched a premium of $33.00/tonne (€27/tonne) to Middle East spot quotes on a free-on-board (FOB) basis, which is 18% higher than its last sale for end July loading at plus $28.00/tonne, the traders said.

“The higher premiums show that the market is rather bullish. This is also because of the strong demand for physical cargoes,” a Singapore-based trader said.

($1 = €0.82)

By: Ong Sheau Ling
+65 6780 4359

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