ONGC realizes lower premiums on 70,000 tons of naphtha

The Asian region is faced with a situation of oversupply this month. Approximately 1.7 mln tons of spot naphtha will be delivered to Asia next month from Saudi Arabia, Kuwait, Europe, the United States, Mediterannean and India, as compared with last month’s 1.4 mln tons of spot naphtha from the West, Kuwait and India for July deliveries. Oil & Natural Gas Corp has sold 70,000 tons of naphtha at lower premiums, selling about 35,000 tons of heavy grade naphtha for Aug. 19-20 lifting from Hazira to Total at a premium of US$22/ton to Middle East quotes on a free-on-board (FOB) basis, compared with a premium of US$32.50/ton for a parcel lifting in H2July to Glencore. Another 35,000 tons of open-spec naphtha loading on Aug. 4-5 from Mumbai to Vitol has been sold at a premium of US$8/ton, almost 70% lower than premiums for a July cargo sold to Shell.
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