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Crude/Condensate: Jan 7-11: Hanwha Total buys South Pars for Feb-Apr arrival

2019/01/14 07:00

Middle East

 

For Abu Dhabi crudes, the December-loading OSP for Murban was unveiled at a premium of $2.18 over Dubai quotes, down 26cts from the previous month. Meanwhile, the February-loading OSP formula for Saudi Arabian Arab Extra Light (AEL) was set at a premium of $1.15 over the Dubai/Oman average, widening 40cts on month. The OSP gap between Murban and AEL shrank to $1.03 in favor of Murban. In condensate-related news, National Iranian Oil Co (NIOC) signed a term contract to supply 4.00 mil bbl per month of South Pars to South Korea’s Hanwha Total Petrochemical for February-April arrival.

 

Africa/Europe/Russia/America

 

Among US crudes, the CFR North East Asia market for WTI Midlands plunged to premiums of the high $1 level over Dubai quotes. The CFR North East Asia market for Mars also sank to premiums of around $1 over Dubai quotes. The markets were pushed lower by an overhang in US coupled with softer freight rates from US Gulf Coast to North East Asia. Capitalizing on such steep price declines, key end-users in South Korea beefed up purchases of US crudes.

 

Asia Pacific

 

With regards to Vietnamese crudes, state-run PV Oil floated a term sell tender on Rang Dong for April-September loading. In addition, PV Oil issued a spot tender to sell Su Tu Den for February-March loading. In condensate-related news, a combined four cargoes of Australian NSWC would be supplied for March loading, stable from projected volumes for February loading.

 

Tokyo : Crude/Condensate Team  Katsuhiko Karino  +81-3-3552-2411
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