Qatar sells 100,000t naphtha for H2 Aug at $2-3/tonne premium

15 July 2010 10:30  [Source: ICIS news]

SINGAPORE (ICIS news)--Qatar’s energy marketing arm Tasweeq has sold by tender 100,000 tonnes of naphtha for loading in the second half of August, at sharply lower premiums due to a bearish naphtha market, traders said on Thursday.

The company sold 50,000 tonnes of light naphtha, also known as plant condensate, at a premium of $2.00-3.00/tonne (€1.58-2.37/tonne) to Middle East quotes FOB (free on board), as well as 50,000 tonnes of full-range naphtha at a premium of around $2.00/tonne to Middle East quotes FOB, they said.

Tasweeq last sold by tender 50,000 tonnes of naphtha for loading on 16-18 July, at a premium of around $11/tonne to Middle East quotes FOB.

The overall Asian naphtha market was hard hit by a cracker outage faced by major buyer Taiwan’s Formosa Petrochemical Corp, which coincided at a time when the company was about to take its other cracker off line for regular maintenance.

Reflecting the doldrums, the price spread between first-half September and first-half October contracts hobbled at a steep contango of $7/tonne, ICIS data showed.

($1 = €0.70)

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By: Felicia Loo

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