India's ONGC fetches higher premium of $39/T

SINGAPORE: India's state-owned Oil and Natural Gas Corp has sold a naphtha cargo to Gunvor at about $39 a tonne above Middle East quotes on a free-on-board (FOB) basis, up nearly 15 percent compared with a previous deal, traders said on Wednesday.

The 35,000 tonne cargo is scheduled for Oct. 16-17 loading from Hazira in western India.

The sale came at a time when traders were expecting supplies to tighten on firm demand and lack of new European shipments coming to Asia next month after more than 350,000 tonnes were booked for arrival in the East.

ONGC had previously sold a cargo for Oct. 3-4 loading from the same port to Total at a premium of about $34 a tonne.