💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

BP buys 1.5 million barrels Qatari condensate for April in rare move

Published 25/02/2016, 04:46
© Reuters. File photograph shows a sign is outside BP's North Sea Headquarters in Aberdeen
BP
-

SINGAPORE (Reuters) - BP PLC (L:BP) swept up 1.5 million barrels of Qatari condensate loading in April, a rare move for the oil major, three traders that participate in the market said on Thursday.

The company bought two 500,000-barrel cargoes of deodorised field condensate (DFC) from Qatar's state oil marketer Tasweeq in a tender and another similar-sized cargo before that, they said.

The cargoes were priced between $3.50 and $3.90 a barrel above Dubai quotes, the traders said.

It was not immediately clear where BP intends to re-sell the cargoes, but the traders said they may head out of Asia as there is no demand here.

© Reuters. File photograph shows a sign is outside BP's North Sea Headquarters in Aberdeen

BP does not typically comment on commercial matters.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.