Saudi Aramco sells 55,000t naphtha for 14-15 July

06 July 2010 04:43  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi Aramco has sold by tender 55,000 tonnes of naphtha for loading from Yanbu and Jeddah in mid July, market sources said on Tuesday.

The cargo to be lifted on 14-15 July fetched a premium of $7/tonne (€5.60) to Middle East quotes FOB (free on board), traders said.

Prices fell from Aramco’s previous tender sale due to a flood of spot Middle East supply in Asia, traders said.

Aramco last sold via tender 50,000 tonnes of naphtha for loading from Jubail on 18-19 July, at a premium of $8.00/tonne to Middle East quotes FOB.

Asia’s inter-month naphtha spread for second-half August and September contracts was mired in a deep contango of $2/tonne, reflecting weak market conditions, according to ICIS data.

($1 =  €0.80)

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By: Felicia Loo

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