June 14, 2019 / 6:08 AM / 2 days ago

ONGC sells naphtha at lowest premium since December

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, September 6, 2016. REUTERS/Amit Dave/Files

SINGAPORE (Reuters) - India’s Oil & National Gas Corp Ltd has sold a naphtha cargo at close to $6 a tonne over Middle East quotes on a free-on-board (FOB) basis, the lowest premium in more than five months, industry sources said on Friday.

ONGC sold 35,000 tonnes of the petrochemical feedstock for June 20-21 loading from Mumbai on Thursday to Japan’s Marubeni Corp, said the sources who track naphtha deals.

Naphtha has been battered by surplus supplies since the start of the year, with refining margins for the product turning negative last week for the first time in more than a decade.

Reporting by Seng Li Peng; Editing by Tom Hogue

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