India's Oil and Natural Gas Corp Ltd (ONGC) sold a July naphtha cargo to Gunvor at about $19.50 a tonne above Middle East quotes on a free-on-board (FOB) basis, up about 39 percent compared to a sale for an end June cargo, traders said on Wednesday, Reuters reports.
ONGC sold the 35,000-tonne cargo for July 14-15 loading from Hazira port on late Tuesday.
This came at a time when the mood among sellers had improved as tighter supplies in Europe following run cuts and strong gasoline demand were expected to limit Western naphtha exports to Asia.
ONGC had on June 8 sold similar quantities lifting from Hazira also to Gunvor, but at premiums of $14 a tonne.
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