Singapore: Saudi Aramco has sold 80,000 tonnes of 380-centistoke (cst) fuel oil for early Nov-ember lifting from Jubail at a steeper discount versus an earlier deal, reflecting weaker market fundamentals, traders said yesterday.
The cargo, loading on November 2, is the first for the month, and comes after Aramco exported three Jubail cargoes for October lifting, as peak summer demand for power generation in the Middle East tapered off.
Middle East trader FAL Oil paid a discount of $6-$7 (Dh22-Dh25.7) per tonne, on a free-on-board (FOB) basis, for the cargo, lower than the discount of $2-$3 per tonne that Vitol paid for an earlier parcel loading on October 30-31.
The two earlier cargoes were bought by Vitol and Bakri at $2.50 per tonne below Singapore spot quotes, FOB.
The stream of cargoes from Saudi Aramco's refineries at Ras Tanura, Rabigh, Jubail and its joint-venture plant with ExxonMobil in Yanbu — at least 925,000 tonnes so far — have hit the highest level for the October month in five years, due to refinery outages and as power generation needs over the summer eased.
