Traders said the offers - totalling nearly 300,000 tonnes in the month of August - will weigh heavily on sentiment
Abu Dhabi National Oil Company (ADNOC) has offered a 75,000-tonne naphtha paraffinic naphtha cargo for second-half August loading in a rare move as the Middle Eastern supplier usually sells through yearly contracts, traders said on Wednesday.
The offer came just days after ADGAS, partly owned by ADNOC, offered 25,000 tonnes of naphtha for Aug. 20-22 loading from Das Island in a tender that closed on July 16. The results of this were not immediately clear.
ADGAS, like ADNOC, does not sell spot naphtha in the market on a regular basis. It was unclear when ADGAS last sold a spot cargo, but data from Reuters showed the company sold an August cargo in 2010.
The unexpected offers from the United Arab Emirates coincided with Kuwait Petroleum Corp's (KPC) offers for a total of 49,000 tonnes spot naphtha and Qatar's Tasweeq offers of 150,000 tonnes of naphtha, all for August loading.
Traders said the offers - totalling nearly 300,000 tonnes in the month of August - will weigh heavily on sentiment.
KPC's offers comprise 25,000 tonnes of full-range naphtha for Aug. 23-24 loading and 24,000 tonnes of light grade for Aug. 27-28 loading. KPC's tender closes on July 18.