Qatar’s Tasweeq sells 200,000 tons of naphtha for November loading at premiums

25-Oct-10
Qatar’s Tasweeq sold about 200,000 tons of naphtha for November loading to several buyers at US$15-16/ton above Middle East quotes on a free-on-board (FOB) basis. As per Reuters, buyers include Vitol and Itochu. 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. Tasweeq had offered two spot cargoes for sale in its tender, a 30,000-50,000 ton full-range grade for Nov. 1-19 loading from Ras Laffan, and another 30,000-50,000 ton plant condensates, or light grade, for Nov. 15-21 from the same port. Qatar has sold at least 100,000 tons for October loading, of which one 55,000 ton 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.
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