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Egypt sells 350,000T; JPMorgan key buyer - Daily News Egypt

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Egypt sells 350,000T; JPMorgan key buyer

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 …


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.

 

 

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https://dailyfeed.dailynewsegypt.com/2010/09/02/egypt-sells-350000t-jpmorgan-key-buyer/
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