Egypt sells 350,000T; JPMorgan key buyer

Reuters
1 Min Read

State-owned Egyptian General Petroleum Corp (EGPC) sold 350,000 tons of naphtha for September-December loading from Suez, with JPMorgan sweeping up 60 percent of the volumes, traders said on Thursday.

JPMorgan will be lifting six cargoes, each at 35,000 tons, at premiums of $2.00-$5.00 a ton to Middle East quotes, on a free-on-board (FOB) basis.

Glencore took two parcels, each for November and December at premiums of about $4.00-$5.00 a ton FOB, while Gunvor bought a cargo for December at around $6.50 a ton FOB.

Mabanaft took the October parcel but premiums were not immediately clear.

"Every buyer has a different price," said a trader.

But the overall prices this time round were lower than what EGPC had fetched in late June for 420,000 tons sold for July-December loading from the same port at $3.00-$12.50 a ton FOB.

Cracks, the premiums/losses obtained from refining Brent crude into naphtha, were almost at a three-month high, but traders brushed it aside saying that the strong cracks were not fundamentally driven as the Asian market remained well-supplied.

 

 

Share This Article
Follow:
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms.