Black Sea base oil prices fall on imbalanced supply/demand

17 July 2012 23:59  [Source: ICIS news]

LONDON (ICIS)--Black Sea base oil export prices have fallen $80-100/tonne (€65-81/tonne) this week as suppliers cut prices to move cargoes amid limited demand, market sources said on Tuesday.

Poor demand, limited outlets and ample supply at the ports have seen Black Sea prices fall.

A deal has been confirmed between a buyer and seller for a 10,000-tonne cargo of solvent neutral (SN) 150/SN500 at a fixed price of $870/tonne FOB (free on board) Black Sea for late-July loading.

A Turkish importer says it is close to buying 2,000 tonnes of Black Sea SN150 at $930/tonne CIF (cost, insurance and freight) for second half of July loading.

This reflects around $905/tonne FOB Black Sea.

Black Sea SN150 and SN500 prices were assessed by ICIS down $80-100/tonne this week to $870-920/tonne FOB.

($1 = €0.81)

By: Carl Roache
+44 20 8652 3214

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