India's Oil & Natural Gas Corp has sold 35,000 tons of naphtha to Japanese petrochemical maker Idemitsu Kosan for May 5-6 loading from Mumbai at nearly US$41/ton above Middle East quotes on a free-on-board (FOB) basis, as per Reuters. This is the highest premium ONGC has fetched for a naphtha cargo sold out of Mumbai in about a year.
Naphtha sentiment is expected to improve on Thursday compared with the first three days of the week as South Korea's Samsung Total and Malaysia-based Titan were out to buy spot cargoes for second-half May delivery. Buyers were unwilling to come forward earlier in the week as they were hoping prices would ease after premiums went beyond US$10/ton to Japan quotes on a cost-and-freight basis for delivery to Taiwan and South Korea in H1-May, as per traders in Reuters.
04-Apr-14 
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