UAE's ADNOC cuts 2019 naphtha offers amid high supplies: sources
Buyers have to reply to the Middle Eastern supplier by middle of this week
SINGAPORE: Abu Dhabi National Oil Company (ADNOC) has trimmed $1 off its naphtha 2019 offers to between $14 and $18 a tonne to its own price formula on a free-on-board (FOB), traders said on Tuesday.
ADNOC has four grades of naphtha, namely paraffinic, splitter naphtha and low-sulphur (East) and low-sulphur (West).
Paraffin naphtha is the most expensive at $18 and low-sulphur (West) being the cheapest at $14.
But these offers were considered high by traders who track the light distillates market closely, adding that the market has been plagued by a glut since October.
Buyers have to reply to the Middle Eastern supplier by middle of this week.
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