Adnoc offers three naphtha grades for July 12-June 13 at highest ever level

Abu Dhabi National Oil Company (Adnoc) has offered term contracts for three naphtha grades at US$28-29.50/ton premiums to its own price formula on a free-on-board basis, making these its highest offers ever. These offers, for July 2012 to June 2013 lifting, are about 20 to 37% higher than contracts for July 2011 to June 2012, and the prices are likely to influence term talks Saudi Aramco is having with its customers this week. Adnoc's fresh offers for splitter naphtha were at US$28/ton premium, followed by low sulphur grade at US$28.50/ton premium and pentane naphtha at US$29.50/ton premium, all for July 2012 to June 2013 lifting. A trader opines that it is likely that customers will resist these offers, as they are wide by about US$10. Adnoc held a meeting with buyers in Singapore last week and the official offers were made by Sunday via fax at a time when naphtha market has weakened sharply as demand falls and supplies are expected to rise.
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