Abu Dhabi National Oil Co (ADNOC) offered 75,000 tons of July spot naphtha for July 1-15 loading, while Tasweeq is expected to issue a spot tender for July volumes by end of this week, as per Reuters. These have came shortly after the two sellers had sealed term deals. Spot offers could have weighed on sentiment, which has remained weak as Asia's top buyer Formosa's cracker remains offline after it was shut following a fire at a pipeline on May 12.
ADNOC had concluded in H2-May, term deals for three naphtha grades lifting July 2011 to June 2012 loading at premiums of US$20.50-24.50/ton to its own price formula on a free-on-board (FOB) basis. Tasweeq had also recently renewed its supplies for Q3 lifting at US$20-21/ton to Middle East quotes on a FOB basis.