ADNOC lowers naphtha premiums for Jan-Dec 2015 lifting

09-Dec-14

Abu Dhabi National Oil Co (ADNOC) has quoted offers for its naphtha lifting in January-December 2015 at US$9-10/ton premium to its own price formula on a free-on-board (FOB) basis, as per traders in Reuters. Offers for the 12-month contract are down by about 70% when compared to a February 2014-January 2015 term concluded at US$30-32/ton premium. ADNOC's fresh offers are for three naphtha grades, namely low-sulphur and splitter offered at US$9/ton premium each, and pentane which is offered at US$10. Abundant supplies have brought down prices as Asia continues receiving massive supplies from Europe and the Mediterranean since September.