ONGC fetches 9 month high premiums on March naphtha cargo

Oil & Natural Gas Corp has sold a March naphtha cargo to Vitol at US$35-36/ton above Middle East quotes on a free-on-board (FOB) basis. This is the highest premium it has fetched in nine months, as per Reuters. The 35,000 ton cargo is scheduled for March 1-2 loading from Mumbai. Supplies are currently tight in Asia as buyers have a slim chance of drawing European cargoes due to refinery closures in Europe and the United States.
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