India’s ONGC secures higher premiums for December naphtha

29-Nov-11
Oil & Natural Gas Corp Ltd (ONGC) has sold 35,000 tons of December naphtha to Cargill at about US$11/ton above Middle East quotes on a free-on-board (FOB) basis, as per Reuters. The premium amount is higher than the US$9/ton premiums received for a November sale. ONGC sold the 35,000 ton cargo for Dec. 24-25 loading from Mumbai, at the end of last week, when physical timespreads turned positive for the first time in two weeks as sellers were eyeing January spot demand from North Asian petrochemical makers.
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