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Weekly Summary

Crude/Condensate: Sep 7-11: ADNOC cuts Oct Murban OSP by $1.35

Middle East

ADNOC on Tuesday set the new OSP formula for October-loading Murban at a discount of 50cts to Dubai quotes, down $1.35 from the previous month. The cut was slightly smaller than the reduction in the rival OSP for Saudi Arabia's Arab Extra Light (AEL).



Spot differentials for October-loading Angolan Dalia were narrowed to premium of 10-20cts to DTD Brent. In addition to a fall in demand from Asia like China, the COVID-19 outbreak was expanding again in Europe, so that demand weakened globally. Under the circumstances, African grades like Angolan were slow to be digested. Angolan producer Sonangol sold its second Dalia cargo for October-loading. The price was at a premium of slightly below 20cts to DTD Brent. The buyer was said to be an Indian end-user.


Asia Pacific

In the trade of Australian condensates, a preliminary loading schedule for November-loading was unveiled. A total of four cargoes, each 650,000bbl, planned to be loaded including Oct-Nov and Nov-Dec cross-month cargoes. One cargo for Oct 29 to Nov 2 loading was allocated to BP. In addition, one cargo each for Nov 9-13 and 18-22 loading was allocated to BHP Billiton and US Chevron, respectively. Furthermore, Royal Dutch Shell would handle one cargo for Nov 27 to Dec 1 loading.

Tokyo : Crude/Condensate Team  Hashimoto   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.