Asia Naphtha-India's ONGC sells to Total at lower premium
SINGAPORE, Oct 4 (Reuters) - India's Oil and Natural Gas Corp (ONGC) has sold 35,000 tonnes of naphtha to Total for Oct. 26-27 loading from Hazira at around $30 a tonne above Middle East quotes on a free-on-board (FOB) basis, down from previous sales for the month.
The firm had previously sold two 35,000-tonne cargoes, one to Total for Oct. 3-4 loading and the other to Guvnor for Oct. 16-17, at premiums of $34 and $39 respectively.
But the latest premium still reflects a firm market for October supplies as the average premiums for September shipments from India were about $20 a tonne.
Although India's exports for October are estimated at about 750,000 tonnes versus less than 550,000 tonnes last month, the higher volumes are being offset by lower arrivals from Europe.
That is because more naphtha has been used for gasoline production in Europe to feed firm West African demand.
(Reporting by Seng Li Peng; Editing by Joseph Radford)
Keywords: NAPHTHA INDIA/ONGC