Kuwait has offered naphtha for lifting from December 2014 to November 2015 at US$17/ton above Middle East quotes on a free-on-board (FOB) basis, 30% lower than a 12-month contract expiring this November, as per Reuters. However, this information could not be confirmed as Kuwait Petroleum Corp (KPC), the seller of the term talks, refrained from commenting.
KPC is into its third day of term negotiations in Singapore with Asian buyers including those from Japan and South Korea. The talks are expected to end on Friday. The offer comes at a time when supplies are heavy in the spot market following record-high volumes of western supplies scheduled to arrive in Asia. KPC has three 12-month contracts with its Asian buyers, beginning in April, August and December.
The highest and lowest premium that KPC fetched was US$35/ton for an April 2013 to March 2014 contract and US$2/ton December 2008-November 2009.
24-Sep-14 
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