22 June 2012 10:16 [Source: ICIS news]
SINGAPORE (ICIS)--Qatar International Petroleum Marketing (Tasweeq) and Kuwait Petroleum Corp (KPC) have sold spot naphtha cargoes for July loading at premiums less than half of their previous settlements, undermined by the poor market fundamentals, traders said on Friday.
KPC sold 25,000 tonnes of full-range naphtha for 10-11 July loading and 50,000 tonnes of the same grade for 22-26 July loading at a premium of $10.00-$11.00/tonne (€8.00-8.80/tonne) to ?xml:namespace>
The company has previously sold a full-range naphtha lot for end May loading at a premium of $20.00/tonne, they added.
Tasweeq sold by three separate tenders a total volume of 105,000-110,000 tonnes of plant condensate and full-range naphtha for second half of July loading from Ras Laffan at a similar premium of $10.00-11.00/tonne to Middle East quotes FOB, less than half of its term’s premium concluded earlier this month.
These spot materials were a result of the unsold term supply, which commanded premium regarded too high by buyers.
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