Kuwait Petroleum sells 80,000 tons of spot naphtha at premiums similar to last month

22-Mar-10

Kuwait Petroleum Corp (KPC) has sold nearly 75,000-80,000 tons of spot naphtha for April lifting at premiums in the low US$20/ton above Middle East quotes on a free-on-board (FOB) basis. These levels of premiums are similar to previous levels despite talk of a softer market ahead. The Kuwaiti refiner does not usually sell spot full-range naphtha due to term commitment. The current spot full-range naphtha premium is close to its term price for supplies lifting April 2010-March 2011 at US$22/ton above Middle East quotes FOB, highest it has ever fetched for all its term deals.