Up till this week, Saudi Aramco has sold about 132,000mt of spot LPG for July loading, the largest spot monthly supply this year, according to an international trading company's Singapore-based branch.
These resources comprised three 44,000-mt cargoes with high ratio for propane, with the latest one being a propane cargo for loading in Yanbu in the middle of July.
These cargoes were traded at US$1-5/mt below August LPG CPs, said a market source. They will be shipped to Europe since Asia has very weak demand for propane, some sources remarked.
In addition, LPG prices are US$30-40/mt higher for delivery to Northwest Europe than for delivery to Asia, a Singapore-based trading source pointed out.
Saudi Aramco may offer more spot cargoes for July, a trading source noted.
No comment from the company is available yet.
Saudi Aramco last sold spot LPG in early February 2011, about 80,000mt of propane for loading in the second half of February, C1’s data showed.
