Asia Naphtha-India ONGC, MRPL sell 70,000 T for July
Tuesday, 26 June 2012 | 00:00
India's Oil and natural gas Corp Ltd (ONGC) and its subsidiary MRPL have sold a total of 70,000 tonnes of July naphtha at about $13-$14 above Middle East quotes on a free-on-board (FOB) basis to Marubeni and Gunvor, reflecting largely steady premiums, traders said on Monday.
Mangalore refinery and Petrochemicals Ltd (MRPL) sold 35,000 tonnes to Gunvor for July 18-20 loading from New Mangalore port at premiums of about $14, similar to what it had fetched for a recent cargo sold to Shell for July 11-13 loading.
In total, MRPL has sold three cargoes for July loading, including the latest which was done on Friday.
ONGC on the other hand sold 35,000 tonnes to Marubeni for July 12-13 loading from Mumbai port, with some traders pegging the premiums at about $13.00-$13.50 per tonne and other traders having estimated premiums at $14 per tonne.
Overall, FOB premiums have held largely around $14 per tonne in recent sessions, with Essar Oil Ltd and Bharat Petroleum Corp Ltd also selling their July cargoes at that level.
Naphtha sentiment has been volatile due to economic uncertainties, which coupled with higher supplies have caused Asia naphtha margins, currently at $26.78 per tonne, to lose about 85 percent of their value compared with this year's high at $182.63 per tonne.
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