Oil & Natural Gas Corp (ONGC) sold a 35,000 ton cargo, scheduled for June 4-5 loading from Mumba to oil major Shell at about US$25/ton to Middle East quotes on a free-on-board (FOB) basis. This reduced premium reflects a 39% fall in premium from a previous deal for May, as per Reuters. Traders added that June premiums were weaker than May premiums, squeezed by expectations of greater supplies as more refineries in North Asia are set to complete maintenance.
Separately, ONGC's subsidiary Mangalore Refinery & Petrochemicals Ltd (MRPL) sold 35,000 tons of naphtha for June 24-26 loading to Unipec at a premium of about US$31/ton to Middle East quotes on a FOB basis. That was similar to what Itochu had paid recently for an MRPL cargo loading on June 13-1