Plastemart.com ONGC sell a July naphtha cargo at US$16/ton
India’s Oil and Natural Gas Corp (ONGC) sold a July naphtha cargo at US$16/ton above Middle East quotes on a free-on-board basis, making this the lowest premium the company has received in more than three months for a naphtha cargo sold out of Hazira, as per traders in Reuters.
ONGC sold the 34,500 ton cargo late on Tuesday to Japan’s Petro-Diamond for July 12-13 loading from Hazira. The fresh premium was about 30% lower than the average premium of US$23/ton ONGC got for two cargoes sold out of the same port for June loading.
Asia has been receiving about 1.8 mln tons of the fuel from Europe and the Mediterranean since May, 12.5% higher than the averagely monthly volume in 2014. But some sellers were optimistic that the market will improve in August as Taiwan’s Formosa and Japan’s Mitsui Chemical’s crackers would have resumed operations by late July following planned maintenance.
