Abu Dhabi National Oil Co (ADNOC) has sold 150,000 tons of July spot naphtha at sharply lower premiums as sentiment remained hurt by weak demand and high supplies, as per Reuters. Asian market sentiment has been weaker as focus remains on the prolong shutdown of Formosa's cracker following a fire at a pipeline on May 12.
State-owned ADNOC sold two 75,000 ton naphtha cargoes to undisclosed buyers for July 1-15 loading from Ruwais at premiums of US$12-14/ton to its own price formula on a free-on-board (FOB) basis. This is less than half of what it had fetched around mid-May for 150,000 tons sold to LG Chem and Total for June lifting at premiums of US$28-35/ton. In another deal, Bahrain's BAPCO had around last week also sold 50,000 tons for mid-July loading from Sitra at premiums of around US$11/ton to Middle East quotes on a FOB basis.