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Crude/Condensate: Dec 17-21: Vietnam’s Chim Sao for Feb weakens

2018/12/24 07:00

Middle East Crude

PTT Public Co secured two cargoes of Murban through a sour crude buy tender for the country’s petrochemical firm IRPC for Feb 20-Mar 10 arrival closed on Monday. The prices were at discounts of around 20cts to OSP on an FOB equivalent basis. The seller for these cargoes was said to be French Total.

 

African/European/Russian/American Crude

The February-loading market for East Siberian ESPO Blend rebounded. The current ESPO prices were sensed as undervalued compared to competing Abu Dhabi Murban, which buoyed the ESPO market. Russian producer Gazprom sold a cargo of ESPO for Feb 3-13 loading through its sell tender closed last week. The details of the buyer were unknown but the price was heard at a premium of around $3.20 to Dubai quotes.

 

Asia Pacific Crude

February-loading Vietnam’s Chim Sao weakened. Shrinking crack spreads for gasoil and fuel oil, along with falling demand from China, sent the market lower. Vietnam’s state-owned PV Oil sold 300,000bbl each of Chim Sao for Feb 8-12 and 24-28 loading. These cargoes were heard awarded at permiums of low $3.00 to Dated Brent. The levels were 50cts to $1.00 lower than the previous January-loading awarded prices for Chim Sao. In addition to a downward trend for product margins, “Vietnam’s Binh Son Refining did not bid for the market aggressively this time, and this was also cited as a factor for the price decline,” said an end-user in Northeast Asia.

 

 

 

 

 

 

 

 

 

Tokyo : Crude/Condensate Team  keiko Takagi  +81-3-3552-2411
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