In line with sluggish demand, Saudi Aramco has sold around 55,000 tons of June naphtha at about US$25/ton above Middle East quotes on a free-on-board (FOB) basis, down nearly 20-25% from a previous spot sale, as per Reuters. The A310 grade naphtha cargo, scheduled for June 11-13 loading from Ras Tanura, is the second spot cargo Asia’s top naphtha supplier sold this year as a previous maintenance had choked off spot supplies from the refinery.
On May 15, similar volumes were sold for end May loading at premiums of US$31-33/ton. The company has recently tied up term supplies for H2-2012 lifting at record premiums of US$25-33/ton to its own price formula.
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