Aramco lowers propane, butane for July loading

04 July 2007 14:54  [Source: ICIS news]

LONDON (ICIS news)--Saudi Aramco has decreased its liquefied petroleum gas (LPG) prices by $17/tonne for July loading due to thin trading in June, according to a source close to the company.

 

“The decrease was made due to the fact that naphtha has been corrected downwards and that the market is very thin,” said the source, adding that June had been a “difficult month”.

 

Propane pricing was down $17/tonne (€23/tonne) on June levels at $575/tonne FOB (free on board) Ras Tanura, while butane pricing also fell $17/tonne to $595/tonne FOB Ras Tanura for July loading, the source said.

 

Aramco sets monthly prices reflecting its view of the market, although another source said that it had seen “floating prices” throughout June on both propane and butane.

 

The state-owned oil company produces 8.22bn cubic feet/day of natural gas, the majority of which is processed at its Ras Tanura refinery.

 

($1 = €0.73)

 

By: Peter Salisbury
+44 20 8652 3214

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