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ADNOC offered 75 KT of July spot naphtha

June 09/2011

(Reuters) - Abu Dhabi National Oil Co (ADNOC) offered 75 KT of July spot naphtha, while Tasweeq is expected to issue a spot tender for July volumes on Thursday or Friday this week, and these came shortly after the two sellers had sealed term deals, traders said on Tuesday.

They added the spot offers could have weighed on sentiment, which has remained weak as Asia's top buyer Formosa's cracker remains offline after it was shut following a fire at a pipeline on May 12.

Adnoc offered the spot cargo for July 1-15 loading, and will likely conclude the deal by late in the week. "They may sell more than 75 KT, but exactly how much more they have is not clear," said a trader.

It had in late May concluded term deals for three naphtha grades lifting July 2011 to June 2012 loading at premiums of USD 20.50-USD 24.50 a tonne to its own price formula on FOB basis.

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