An influx of spot barrels arriving from Kuwait and the West next month is to create a supply glut in naphtha markets of Asia. As a result, India majors IOC and ONGC gains have been hit. Indian Oil Corp (IOC) has sold an August naphtha parcel at a sharply lower premium an expected tand Oil & Natural Gas Corp (ONGC) has cancelled a tender due to low bids, as bids have been deemed too low. ONGC has reissued the tender to sell the 30,000 tons of naphtha for Aug. 4-5 lifting from Mumbai. IOC sold to Sempra a 30,000 ton parcel for Aug. 6-8 lifting from Kandla at a premium of $12/ton to its own pricing formula, on a free-on-board (FOB) basis – about 2-½ times lower than what it had fetched for the similar quantity to Vitol for July 17-19 lifting from the same port.
17-Jul-09 
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