Adnoc will not publish November sulphur price

12 November 2008 12:05  [Source: ICIS news]

LONDON (ICIS news)--Abu Dhabi National Oil Co (Adnoc) will not publish a November sulphur price as it does not want to send out pricing signals in a weak market, market sources said on Wednesday.

Adnoc had already indicated that it might not announce a price for this month, saying it was difficult to gauge price levels in the current market.

Sources said that there were also indications that Adnoc might not publish a December price depending on the state of the market.

Adnoc set its October price at $200/tonne (€160/tonne) FOB (free on board), down $380/tonne from September on weak demand and falling international prices.

Little, if any, product was understood to have been lifted under the monthly price as it was deemed too high compared with spot cargoes out of the Middle East, which were priced as low as $35/tonne FOB.

The Adnoc monthly price is largely viewed as an indicator of global price direction.

($1 = €0.80) 

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By: Rebecca Clarke
+44 20 8652 3214

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