At a time when demand is slower due to decreased buying interest, India's Oil & Natural Gas Corp (ONGC) has offered a second naphtha cargo from Hazira for sale in November. ONGC usually offers an average of two spot cargoes a month from Hazira and Mumbai. The oil major is looking to sell 35,000 tons of heavy grade naphtha for Nov. 17-18 lifting from Hazira in a tender that closes on Oct. 20.
Last Friday, the same grade was sold by the same company from the same port for Nov. 1-2 lifting to PetroChina at a premium of US$9/ton to Middle East quotes on a free-on-board (FOB) basis. This was half of what it had fetched from Shell for a parcel lifting Oct. 21-22.