Sharply lower premium realized on naphtha cargoes by IOC, ONGC cancels tender on low bids

An influx of spot barrels arriving from Kuwait and the West next month is to create a supply glut in naphtha markets of Asia. As a result, India majors IOC and ONGC gains have been hit. Indian Oil Corp (IOC) has sold an August naphtha parcel at a sharply lower premium an expected tand Oil & Natural Gas Corp (ONGC) has cancelled a tender due to low bids, as bids have been deemed too low. ONGC has reissued the tender to sell the 30,000 tons of naphtha for Aug. 4-5 lifting from Mumbai. IOC sold to Sempra a 30,000 ton parcel for Aug. 6-8 lifting from Kandla at a premium of $12/ton to its own pricing formula, on a free-on-board (FOB) basis – about 2-½ times lower than what it had fetched for the similar quantity to Vitol for July 17-19 lifting from the same port.
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