Saudi Aramco increases October LPG by $80-85/t

01 October 2007 11:33  [Source: ICIS news]

LONDON (ICIS news)--Saudi Aramco has increased liquefied petroleum gas (LPG) prices for October by $80-85/tonne (€56-60/tonne) on resurgent crude values, a company source said on Monday.

 

Propane pricing was up $80/tonne on September levels at $640/tonne FOB (free on board) Ras Tanura, whilst butane saw an increase of $85/tonne, pegged at $665/tonne FOB Ras Tanura for October, the source said.

 

“We are going into winter, there have been production problems in Europe, and, of course, there is a general perception that oil is very short, with crude going above $80/bbl in the US,” the source said.

 

Crude prices soared to record levels above $80/bbl in late September on heavy buying by the investment funds, which were piling into the commodity markets due to the weak US Dollar.

 

Aramco produces 8.22bn cubic feet/day of natural gas, the majority of which is processed at its Ras Tanura refinery facility.

 

($1 = €0.70)

By: Peter Salisbury
+44 20 8652 3214

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