India's ONGC sales premiums down on supply

SINGAPORE: India's Oil & Natural Gas Corp (ONGC) sold an October naphtha cargo from Hazira to Total at about $34 a tonne above Middle East quotes on a free-on-board (FOB) basis, down by about 13.5 percent from a previous sale, traders said on Wednesday.

The 35,000-tonne cargo is scheduled for loading on Oct. 3-4 from Hazira. Traders said tight supplies have eased, with India exporting more cargo as refinery maintenance was to end this month.

More European cargoes are also expected to arrive in Asia next month.

ONGC had previously sold a cargo out of Hazira for Sept. 23-24 loading at $39.30 a tonne premium to Unipec.