ONGC fetches higher premium on naphtha cargo sold to Guvnor

27-Sep-12
India's state-owned Oil and Natural Gas Corp has sold a 35,000 ton naphtha cargo scheduled for Oct. 16-17 loading from Hazira to Gunvor at about US$39/ton above Middle East quotes on a free-on-board (FOB) basis. This represents a nearly 15% hike when compared with a previous deal, as per Reuters. The sale has been concluded at a time when traders expect supplies to tighten on firm demand and lack of new European shipments coming to Asia next month after more than 350,000 tons were booked for arrival in the East.
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