Qatar sells Q4 condensate at lowest differential since Q1 2015
SINGAPORE, September 3, 2015
Qatar's Tasweeq has sold condensate cargoes to load in the last three months of this year at the lowest differential since the first quarter on weak demand in Asia, traders said.
Two major condensate splitters in Asia are shut indefinitely while margins for oil products have weakened, reducing demand for condensate in Asia, they said.
Gazprom's trading unit bought term supplies from Qatar in this tender for the first time, traders said, likely for trading purposes.
The differential for deodorised field condensate (DFC) fell to 15 cents a barrel above its formula, down about $1 from the previous quarter, traders said.
The premium is about 70 cents to $1 a barrel to Dubai quotes, they said.
Low sulphur condensate (LSC) supplies for the fourth quarter were sold at 5-10 cents a barrel above Dubai quotes, they said. The buyers were not immediately known.-- Reuters
