Qatar sells 200,000T naphtha for Nov
Singapore, October 22, 2010
Qatar's Tasweeq sold about 200,000 tonnes of naphtha for November loading to several buyers including Vitol and Itochu, at $15.00-$16.00 a tonne above Middle East quotes on a free-on-board (FOB) basis, traders said on Friday.
The volumes are more than what Tasweeq offered in its tender, but the prices are in line with other Gulf spot premiums as the market is supported by tightening supplies, they added.
Tasweeq had offered two spot cargoes for sale in its tender, a 30,000-50,000-tonne full-range grade for November 1 to 19 loading from Ras Laffan, and another 30,000-50,000-tonne plant condensates, or light grade, for November15 to 21 from the same port.
Qatar has sold at least 100,000 tonnes for October loading, of which one 55,000-tonne cargo was sold to China's aromatics maker Fujia Dahua.
Naphtha sentiment has been holding up due to tightening supplies, as India is expected to lower spot exports next month due to maintenance of refinery units at Reliance and BPCL in November.
Also, at least 75,000 tonnes of Saudi cargoes were moved to the West last week by Vitol. Europe is facing a fuel crisis due to a persistent strike in France.-Reuters