India's Oil & Natural Gas Corp (ONGC) and its subsidiary, MRPL, have sold a total of 70,000 tonnes of January naphtha to Itochu and Unipec respectively at strong premiums above $25.00 a tonne, traders said on Friday, Reuters reports.
Unipec bought 35,000 tonnes from MRPL for Jan. 28-30 loading from New Mangalore at premiums of $27.00 a tonne to Middle East quotes on a free-on-board (FOB) basis.
This was nearly 30 percent higher than a cargo it sold for Jan. 18-20 lifting from the same port previously to Itochu.
Separately, ONGC sold 35,000 tonnes for Jan. 23-24 loading from Hazira to Itochu at premiums of about $29.00 a tonne to Middle East quotes on a free-on-board (FOB) basis.
Although this was lower than another cargo sold to Total for Jan. 13-14 lifting from the same port at $30.50 premiums, the newly fetched premiums were more than double India's December prices estimated at an average of $10.20 a tonne.
Naphtha sentiment has been boosted by improved petrochemical margins and tighter availability as the Middle East usually reduces naphtha supplies during the year-end as it channels more of its gas for heating purposes.
Some of the naphtha supplies from the Gulf are made from gas instead of crude.
Unipec bought 35,000 tonnes from MRPL for Jan. 28-30 loading from New Mangalore at premiums of $27.00 a tonne to Middle East quotes on a free-on-board (FOB) basis.
This was nearly 30 percent higher than a cargo it sold for Jan. 18-20 lifting from the same port previously to Itochu.
Separately, ONGC sold 35,000 tonnes for Jan. 23-24 loading from Hazira to Itochu at premiums of about $29.00 a tonne to Middle East quotes on a free-on-board (FOB) basis.
Although this was lower than another cargo sold to Total for Jan. 13-14 lifting from the same port at $30.50 premiums, the newly fetched premiums were more than double India's December prices estimated at an average of $10.20 a tonne.
Naphtha sentiment has been boosted by improved petrochemical margins and tighter availability as the Middle East usually reduces naphtha supplies during the year-end as it channels more of its gas for heating purposes.
Some of the naphtha supplies from the Gulf are made from gas instead of crude.