ECONOMY

Tupras in 30-35,000-ton sale

LONDON (Reuters) – Turkish refiner Tupras has sold through a tender 30-35,000 tons of high sulfur fuel oil loading in early August at a premium of about $8.50 a ton over the mean spot Med prices, traders said yesterday. They said the cargo for August 1-3 loading was awarded to a Swiss-based trader. Traders said the cargo was likely to be co-loaded with other barrels picked up in the Black Sea for shipment to Singapore. At the moment, the arbitrage to Singapore had opened after Med prices fell heavily. «There are two or three fixtures done to go east and with this the market will turn quickly,» one independent Med trader said. Traders said shipping fixtures showed that BP had one 80,000 tonner loading from the Black Sea to Singapore, while Soboh Oil was taking a 60,000-ton parcel from Banias, Syria, also to the east.