SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has cut offers for naphtha scheduled for July 2018 to June 2019 for a second time, traders said.
This has brought levels down to $22 to $25 a tonne above its own price formula on a free-on-board (FOB) basis.
But these were still about double the premiums of an existing 12-month contract which expires in June at $11 to $13.
ADNOC's pentane grade is now offered at $25 a tonne, with low-sulphur (East) grade at $24 followed by low-sulphur (West) and full-range grades at $22 each.
The talks started end April with offers pegged at $24 to $27 before it was brought down to $23 to $26 early this week.
These were later followed by another cut to current levels.
Current naphtha fundamentals were in favour of ADNOC as supplies were tighter while demand has remained firm.
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