SINGAPORE: Qatar sold via tender up to five cargoes of Deodorized Field Condensate (DFC) for loading in July at stronger differentials on firm naphtha cracks, traders said on Friday.
Qatar International Petroleum Marketing Co, also known as Tasweeq, sold the DFC cargoes at a premium between 30 and 50 cents a barrel to Dubai quotes, they said.
The differentials were stronger than between a discount of 20 cents and a premium of 30 cents a barrel fetched for June DFC cargoes it sold last month.
Tasweeq also sold around three cargoes of Low Sulphur Condensate (LSC) for July at between parity to a premium of 20 cents a barrel to Dubai quotes, they said.
Buyers of these condensate cargoes included oil major ExxonMobil, trader Vitol as well as Japanese, South Korean and Indian firms, they said.
The tender result is within traders’ expectations as Asia naphtha cracks jumped to two-month high of above $150 a ton on May 14.
But with naphtha cracks falling to about $126 a ton on Thursday, traders expect some correction in the condensate market this month.