H1-March cargoes of 70,000 tons fetch lower premiums for ONGC

15-Feb-10

Oil and Natural Gas Corp (ONGC) has fetched a lower premium on volumes of 70,000 tons for H1-March lifting, due to softer demand. 35,000 tons of heavy naphtha for March 9-10 loading from Hazira port to Shell fetched a premium of about US$27/ton to Middle East quotes on a FOB basis. An equal volume for March 6-7 loading from Mumbai port to Total fetched a premium of around US$20/ton, FOB. These premiums are much lower than the US$35-34/ton on earlier cargoes. Demand has been deteriorating on upcoming cracker maintenance in Japan and South Korea.