Qatar Sells Q2 Condensate At Lower Premiums -Sources

Qatar’s Tasweeq has sold condensate for loading in the second quarter via tenders at lower premiums than the first three months this year after naphtha cracks weakened, trade sources said on Tuesday.

The producer sold deodorised field condensate (DFC) loading between April and June at between $2.50 and $3 a barrel above the Qatar Condensate Price (QCP) formula, down from premiums of $3-$4 a barrel in the previous three months, they said. Buyers include Shell, South Korea’s SK Energy and Samsung Total Petrochemical.

South Korean refiners GS Caltex, S-Oil Corp and Japan’s JX Nippon also bought DFC loading in the second quarter at $3-$3.50 a barrel above Dubai quotes, they said.

European trader Trafigura, which paid high premiums for DFC supply in the first quarter, was absent from the latest tender.

For low-sulphur condensate (LSC), ExxonMobil and Shell bought at $2-$2.50 a barrel above QCP or Dubai quotes for second quarter supply, the sources said.

The deals could not be independently verified.