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.

Zawya