Middle East Crude

　It was widely believed that the pipeline that transports Kurdish grades to the Jihan port in Turkey would resume operations soon. The Iraqi government in November had agreed with the Kurdish autonomous government that production of Kurdish grades would resume and had also reached an agreement with the Turkish government about the restart of operation of the pipeline that delivered crude oils to Turky. One trader in Singarpeo pointed out that supply/demand fundamentals of medium heavy grades would further slacken in the Mediterranean Sea and Europe if supply of Kurdish grades to the Mediterranean Sea resumed. The production of Kurdish grades was 450,000barrles per day and its production and supply to Turkey had been suspended since late March this year.

African/European/Russian/American Crude

　In the trade of January-loading Angolan grades, a preliminary program showed that a total of 37 cargoes planned to be loaded. Of these, Angolan producer Sonangol would handle 12 cargoe in total. Four cargoes each for Dalia and Mostarda, three cargoes each for Pazflor, Cabinda, Saturno and Plutonio planned to be loaded. Furthermore, two cargoes each for Nemba, Girassol, Kissanje, Hungo, Mondo, Clove and Sangos, one each for Saxi, Olombendo and Gindungo were allocated.

Asia Pacific Crude

　In trade for January-loading Brunei grades, Brunei Energy Service awarded a Seria Light sell tender. China's Hengyi Petrochemical apparently won the tender at premiums of about 50cts to the OSP. Participants seemed to have been keen on purchasing the cargo. In fact, crack spread for naphtha in January was minus 12.36 in Singapore as of Nov 14, up about $4 for a recent month.