Saudi Aramco sells third fuel lot to East Asia
Saudi Arabia sold its third August-loading fuel oil cargo to East Asia at lower prices on the back of two unexpected deals that were concluded at high price levels in a tightly-supplied market, traders said on Monday.
August 2, 2011 11:40 by p.deleon
China, expected for the entire third quarter, due to poor refining margins by its small, private refiners who mainly use straight-run fuel oil as feedstock.
Traders expect a low-supply, low-demand month, with the market staying in moderate backwardation, reflected by current prompt levels of around $3.00 a tonne for the August/September timespread contract. (Reporting by Yaw Yan Chong; Editing by Sugita Katyal)
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