SINGAPORE: Condensate prices came under pressure on Friday after Qatar sold prompt cargoes as the start-up of its new splitter was delayed, traders said on Friday.
Qatari state oil marketer Tasweeq has sold 1 million barrels, or two cargoes, of deodorised field condensate (DFC) at $1.90 a barrel above Dubai quotes that will load in October, they said. The buyers were not immediately known.
"Most of the buyers would have covered their demand," a trader said, adding that there were still regional cargoes and supplies from the Atlantic Basin being offered in the market.
Last month, Tasweeq sold DFC for October loading at premiums of $2.50 to $2.70 a barrel.
Qatargas has delayed the start-up of the Ras Laffan 2 condensate splitter to October, probably due to a technical fault.
Expectations of tighter supply had pushed up premiums for November-loading Qatari condensate cargoes by about $1 a barrel.
Prior to the sale of prompt cargoes late on Thursday, Tasweeq awarded a tender to sell four DFC cargoes and one cargo of low-sulphur condensate (LSC), traders said.
The DFC cargoes were sold at premiums between $3.10 and $3.90 a barrel to Shell, Gunvor and Vitol, they said. The LSC cargo may have been sold at a premium of about $3.50 a barrel, a trader said.
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