MRPL, ONGC sell naphtha at a lower premium as tight supplies ease

14-Sep-09

As tight supply scenario eases, Asian naphtha cracks have been negatively impacted. Currently, crack spreads are at their lowest in two weeks at US$103/ton premium. India's MRPL and ONGC have realized lower premiums for naphtha sold this week, as a delayed monsoon could trigger increased naphtha exports from India. A total of 65,000 tons of naphtha was sold at premiums 20-25% lower than before to Total, FOB basis. ONGC sold 35,000 tons of the heavy grade feedstock for Oct. 7-8 loading from Hazira at a premium of US$18/ton to Middle East quotes. MRPL sold 30,000 tons of similar grade naphtha for Oct. 15-17 lifting from New Mangalore at around US$15/ton premium. Earlier, ONGC sold 70,000 tons of naphtha for September lifting from Hazira to SK Energy at a premium of US$25/ton, while MRPL fetched US$19/ton premium from Itochu earlier for a parcel lifting in H2 September.