State-owned, Oil and Natural Gas Corporation (ONGC) sold an early
May naphtha cargo to Japan's Marubeni at a cost of US$41/ton, which is
lowest price the company has received in the last four months for a
Mumbai cargo.
The 35000 tonne naphtha cargo is scheduled for May 2-3 loading from Mumbai and the premium is pegged to Middle East quotes on a free-on-board (FOB) basis, said the media report.
On the other hand, Bharat Petroleum Corp Ltd (BPCL) also saw its premium diving after selling 11,000 tonnes of naphtha for May 6-10 lifting from Haldia port to Glencore at premiums in the low $20s level to Middle East quotes on a FOB basis.
The large volumes of European cargoes coming in the next month caused Asia's naphtha premiums to be under pressure.
However the Asian naphtha margin recovered due to some unexpected spot purchases for H2-May cargoes from South Korean buyers. Published by HT Syndication with permission from Dion Global Solutions Limited.
The 35000 tonne naphtha cargo is scheduled for May 2-3 loading from Mumbai and the premium is pegged to Middle East quotes on a free-on-board (FOB) basis, said the media report.
On the other hand, Bharat Petroleum Corp Ltd (BPCL) also saw its premium diving after selling 11,000 tonnes of naphtha for May 6-10 lifting from Haldia port to Glencore at premiums in the low $20s level to Middle East quotes on a FOB basis.
The large volumes of European cargoes coming in the next month caused Asia's naphtha premiums to be under pressure.
However the Asian naphtha margin recovered due to some unexpected spot purchases for H2-May cargoes from South Korean buyers. Published by HT Syndication with permission from Dion Global Solutions Limited.
No comments:
Post a Comment