India’s Oil and Natural Gas Corp (ONGC) sold a July naphtha cargo at $16 a tonne above Middle East quotes on a free-on-board basis, traders said, making this the lowest premium the company has received in more than three months for a naphtha cargo sold out of Hazira. <\/p>\n
ONGC sold the 34,500-tonne cargo late on Tuesday to Japan’s Petro-Diamond for July 12-13 loading from Hazira. <\/p>\n
The fresh premium was about 30 per cent lower than the average premium of $23 a tonne ONGC got for two cargoes sold out of the same port for June loading. <\/p>\n
The last time ONGC, which also exports naphtha from Mumbai, received a premium lower than $16 was in January 2015 when it sold a February 8-9 loading cargo to Unipec. <\/p>\n
Traders said expectation of high volumes of western naphtha coming to Asia in July had hurt sentiment. <\/p>\n
Asia has been receiving about 1.8 million tonnes of the fuel from Europe and the Mediterranean since May, 12.5 per cent higher than the averagely monthly volume in 2014. <\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"
India’s Oil and Natural Gas Corp (ONGC) sold a July naphtha cargo at $16 a tonne above Middle East quotes on a free-on-board basis, traders said, making this the lowest premium the company has received in more than three months for a naphtha cargo sold out of Hazira. ONGC sold the 34,500-tonne cargo late on Tuesday to Japan’s Petro-Diamond for July 12-13 loading from Hazira. The fresh premium was about 30 per cent lower than the average premium of $23 a tonne ONGC got for two cargoes sold out of the same port for June loading. The last time ONGC, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-20798","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/20798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=20798"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/20798\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=20798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=20798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=20798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}