Saudi Aramco settles November propane, butane $25/tonne higher

31 October 2012 08:02  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Aramco announced on Wednesday that its November contract prices of propane and butane would be $1,050/tonne (€809/tonne) and $990/tonne FOB (free on board), respectively, both at $25/tonne higher than October prices.

The increase could have been triggered by tightening supply of Middle Eastern cargoes and rising demand in northeast Asia next month, traders said.

The November settlements were slightly higher than expected, according to traders.

The company sold on 29 October one cargo at $1,040/tonne for propane and $980/tonne for butane for loading at Yanbu, which were widely expected to be the November contract prices. 

($1 = €0.77)

By: Lilian Hua

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