Singapore: Saudi Aramco sold its first June-loading A961 fuel oil cargo from Ras Tanura at higher price levels, amid a tightening Middle East market, traders said yesterday.
The 90,000-tonne parcel of 180-centistoke (cst) fuel oil, for June 25-27 lifting from the 550,000 barrels-per-day refinery, was sold to France's Total at parity to a discount of $1.00 a tonne to Singapore spot quotes on a free-on-board (FOB) basis, up from around minus $6.00-$8.00 previously.
"The cargo wasn't shown to many players in Singapore because demand here is still quite bad. The Middle East is getting tight and it's likely that the cargo would stay there," a Singapore-based Asian trader said.
