ONGC offers 35,000 tons of naphtha for December from Hazira

India’s Oil & Natural Gas Corp is seeking to sell 35,000 metric tons of naphtha for loading on December 17-18. As per Reuters, ONGC has sold a December 7-8 naphtha cargo to Unipec at US$17/ton above Middle East quotes on a free-on-board (FOB) basis, or about 5.5-11% lower than sales premiums for November cargoes lifting from Hazira. Limited demand from China is leading to persistently weak petrochemical margins, weighing down market sentiment. However, sellers were hopeful of a renewal in buying interest from China ahead of the Lunar New Year.
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