RIM Market News >  Weekly Summary

Crude/Condensate: May 6-10: Jul arrival WTI to N E Asia surges

2019/05/13 07:00

Middle East

   In the trade for Middle Eastern condensates, Qatar Petroleum for the Sale of Petroleum Products Co (QPSPP) issued a sell tender for July-loading Low Sulfur Condensate (L.S.C.) and skipped issuing a sell tender for July-loading Deodorized Filed Condensate (D.F.C.). Several market players said that QPPSP would prioritize to selling D.F.C. outside tender. In any case, market directions for D.F.C. and L.S.C. would hinge on whether Japanese oil refiners led by Fuji would move to procure the condensate as alternative for light crudes.



   The CFR North East Asia market of US WTI Midlands for July arrival surged to premiums of $4.75-4.85 to Dubai quotes. In addition to heavy grades, supply disruptions for light grades like Nigerian grades were heard, boosting demand for light grade WTI Midlands. Furthermore, domestic demand in the US was set to increase due to an imminent end of the maintenance season for US refineries, which buoyed the WTI Midlands market. Under the circumstances, offers for WTI Midlands for Asia were considerably raised. WTI Midlands for July arrival was offered at premiums of around $5.00 to Dubai quotes on a CFR Northeast Asia.


 Asia Pacific

   The market of June-loading Australia’s NWSC rose to discounts of $3.75-3.85 to Dated Brent. Demand from China’s Fuhaichuang Petroleum and Petrochemical recovered steadily, clearing an overhang of regional condensates gradually. A trader in Singapore said that the tradable levels for NWSC have recovered to discounts of high $3.00 to Dated Brent. The Chinese oil firm purchased a total of four cargoes of condensates including Austalian Pluto condensate in its condensate buy tender closed on Apr 24. In addition, Indonesia’s state-owned Pertamina resumed procurements for condensates for June arrival or later for the country’s TPPI and this was also cited as a supportive factor for condensates.

Tokyo : Crude/Condensate Team  Hashimoto  +81-3-3552-2411
Copyright©2019 RIM Intelligence Co. ALL RIGHTS RESERVED.
facebook      twitter

About SSL?