News Search

News Search

Search Period

  1.  / 
  2.  / 
  3.    
  4.  / 
  5.  / 
  6.    

InternationalMarkets/Weekly Summary

Crude/Condensates: Jul 28-Aug 1: Saudi to raise Sep AL OSP

Middle East Crude

Saudi Arabia's state-owned Saudi Aramco in early August was expected to raise September-loading official selling prices (OSPs) for Asia sharply from the previous month. Many market players predicted that the September-loading OSP for Saudi Arabia's flagship Arab Light (AL) would be raised by about $1.00 from the previous month. Dubai crude's inter-month spreads in July, which Saudi Aramco refers to set OSPs, widened by over $1.00 from June and Saudi Aramco would take the factor into consideration. In the trade of condensates, Saudi Aramco sold Auguust-loading Khuff condensate. The details for the buyer were unknown but it was widely believed that Saudi Aramco sold 500,000bbl of the condensate at a price linked to Dubai quotes. In Saudi Arabia, the condensate splitter at the 225,000 barrels per day (b/d) in the Ras Tanura refinery would enter turnaround from August to September, which would create surplus avails for Khuff condensate that normally is injected into the splitter.

  

African/European/Russian/American Crude

 Talks for WTI Midland for November arrival in Northeast Asia started, and some players moved on spot sales. Offers were heard at premiums in the low $4's to Dubai quotes. After that, WTI Midland for November arrival changed hands. Taiyo Oil bought WTI Midland for November arrival at premiums in the $4's to Dubai quotes. Besides, GS Caltex purchased WTI Midland for November arrival although the price was unknown. Several end-users seemed to be considering spot purchase of WTI Midland amid a sense that the value of WTI Midland was attractive relative to Muran, a rival grade.

   

Asia Pacific Crude

 Indonesia's state-owned Pertamina was said to have cancelled an additional condensate buy tender for the country's petrochemical firm TPPI for September arrival. Including the tender this time, Pertamina cancelled a total of four times for additional buy tenders for September arrival. For all of these tenders, Pertamina was seeking one 600,000bbl cargo for Sep 1-3 arrival at its Tuban refinery. There were no cargoes for appropriate loading dates required by Pertamina in the market, so that "It was difficult to buy cargoes with the same terms and conditions," said a trader in Singapore.

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