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Thu 9 Sep 2010 12:27 PM

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Qatar sells Nov condensates at stronger differentials

Differentials could have been stronger if naptha cracks hadn't weakened during week.

Qatar sells Nov condensates at stronger differentials
CARGO SALE: Qatar sold six cargoes of deodorised field condensate for loading in November at stronger differentials. (Getty Images)

Qatar sold six cargoes of deodorised field condensate (DFC) for loading in November at stronger differentials on higher naphtha cracks, traders said on Thursday.

Qatar International Petroleum Marketing Co, or Tasweeq, sold the DFC cargoes at a discount of between 30 to 80 cents a barrel to Dubai quotes, improved from a discount between 50 cents and $1.00 fetched for October DFC cargoes it sold last month, they said.

Buyers of the DFC cargoes included India's Reliance, Japan's JX Holdings, Korea's SK Energy and GS Caltex.

The company also sold two to three cargoes of low sulphur condensate (LSC) for loading in November at a discount of around $1.00 a barrel to Dubai quotes, versus a discount of between 80 cents and $1.10 a barrel fetched for LSC cargoes sold last month.

Buyers of LSC cargoes could be JX Holding and Vitol, the traders added.

Asian naphtha cracks rose to a three month high of $115.73 a tonne last week, up from around $70 a tonne a month ago, providing support to condensate.

The cracks fell to around $102 a tonne on Wednesday.

A trader said: "The differentials could have been stronger if naphtha cracks had not weakened this week." (Reuters)

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