01 April 2011 16:16 [Source: ICIS news]
A source at Saudi Aramco said the group is increasing prices because of high crude oil values and strong demand from Asia, due to the recent earthquake and tsunami in ?xml:namespace>
Sonatrach announced more extensive increases - with propane at $925/tonne FOB Bethouia, up $75/tonne, and butane at $935/tonne FOB Bethouia, up by $70/tonne.
One propane trader said the market had expected increases akin to those of Saudi Aramco but was surprised by the hikes announced by Sonatrach.
“I know European propane is well-valued, but not that well-valued," the source said.
Spot propane cargoes are currently trading at $940-945/tonne CIF (cost insurance freight) NWE (northwest
($1 = €0.70)
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