Middle East: Producers face further price-deterioration

摘要

Netbacks to Middle East producers on cargoes priced via formula moved down further this week while spot purchasing remained subdued. Firm offers and a subsequent sale in Brazil down to an even $290/mt CFR and two deals concluded in Argentina at $300/mt CFR are indicative of returns back down in the $270s/mt FOB versus the low end of last week estimated at $290/mt FOB.