28 August 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European brightstock base oil export prices have risen $40/tonne (€32/tonne) this week, as traders book cargoes to cover west African demand, sources said on Tuesday.
Two cargoes of brightstock were sold this week, one at $1,060/tonne FOB (free on board) Europe and another at $1,065/tonne FOB.
Both are understood to be going to west Africa, with Nigeria the most likely destination.
The Baltic Sea is the most common supply origin for this region, but availability of solvent neutral (SN) 900 is tight and so brightstock is being shipped from western Europe to Nigeria to cover demand for heavy base oil grades, sources said.
Europe brightstock prices were assessed up $40/tonne at $1,025-1,065/tonne FOB Europe by ICIS.
($1 = €0.80)
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