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Saudi Aramco sells May Jubail lot to Vitol.

Saudi Aramco Saudi Aramco, the state-owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production. , the world's top oil exporter, has sold 90,000 tons of cracked cracked

said of grain; indicates grain that has been exposed to a combined breaking and crushing action.
 380-centistoke (cst) fuel oil from Jubail for lifting on May 12 to Vitol at discounts similar to previous deals,traders said. Vitol paid a discount of around $7 per ton to Singapore spot quotes, on a freeon- board (FOB FOB 1) adj. short for Free on Board, meaning shipped to a specific place without cost. 2) Friend of Bill (Clinton). (See: Free on Board) ) basis, for the cargo via private negotiations.

This is similar to a discount of $7 to $8 a ton that France's Total paid for a 40,000-ton parcel, loading on April 28-30, also from Jubail. Total had previously purchased two 80,000-ton 380-cst lots from Saudi Aramco for April 5-7 and March 20-24 lifting, also at around a discount of $8.00 per ton, FOB.

The Asian fuel oil market has strengthened over the last two weeks.

The time spreads have flipped Flipped (2002) is a young adult novel by Wendelin Van Draanen. It is a stand-alone teen romance in a he-said she-said style with the two protagonists alternately presenting their perspective on a shared set of events.  into backward position as sentiment firmed on the prospect of tighter supplies ahead.

Fewer arbitrage arbitrage: see foreign exchange.
arbitrage

Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price
 barrels are expected to land in Asia in May -- falling about 18- 20 per cent from April -- as European refiners slash capacity on poor margins.

Middle Eastern supplies are also shrinking in line with the peak summer demand season, soaking up fuel oil for domestic power generation.

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Publication:Saudi Economic Survey
Article Type:Brief article
Date:May 10, 2009
Words:211
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