ONGC sales premium for H2-August naphtha cargo falls on easing tight supply

05-Aug-14
Oil and Natural Gas Corp (ONGC) has sold a late August naphtha cargo at almost US$23/ton above Middle East quotes on a free-on-board (FOB) basis. This is about 26% lower than two recently cargoes as per traders in Reuters. ONGC had previously sold two cargoes for H1-August and mid-August loading from Hazira to Vitol at premiums of about US$31/ton each. The 35,000 ton cargo, scheduled for Aug. 23-24 loading from Hazira, was sold to Unipec on Aug. 1, coming at a time when tight supplies have eased and traders were seen with unsold barrels.
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