Saudi Aramco sales premiums point to strong recovery in export prices

Saudi Aramco sold 50,000 tons of A180 naphtha for early November loading from Ras Tanura almost US$16-17/ton above Middle East quotes, free on board (FOB) basis, pointing to a strong recovery of export prices to high premiums, as per Reuters. It is still unclear where this cargo this cargo is headed- it is sold to J&S - the registered name for Mercuria Energy Group in its trades with Saudi Aramco. Two other Saudi cargoes had been shipped to Europe last week by Vitol. Asian market strengthened after the Vitol cargoes, each from Rabigh and Yanbu, were moved to the West. Market sentiment strengthened after Taiwan's Formosa restarted its 700,000 tonne per year No 1 naphtha cracker late last week. The prompt market was also lifted by expectations that more Middle East naphtha might head to Europe after following a French port and oil refinery strike which limited supplies of oil products especially, gasoline.
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