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