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Weekly Summary

Crude/Condensates: Jul 19-21: Sep ESPO weakens

Middle East Crude

China's Rongsheng Petrochemical issued a crude buy tender for September to October arrival. The tender will close on Thursday. The company in the previous August-loading buy tender purchased a total of 8.00 mil bbl of Abu Dhabi Murban, Das and Upper Zakum as reported. "Rongsheng finally has issued a tender. The downward trend for light grades since last week was partly due to growing worries of sluggish Chinese demand as the issuance of a tender by Rongsheng has been delayed," said an end-user in Northeast Asia.


African/European/Russian/American Crude

Spot differentials for September-loading East Siberian EPO Blend weakened. Appetite from independent oil refiners in China, main end-users, was tepid, sending the market lower. Russian producer Surgutneftgas sold three cargoes for Sep 9-16, 12-19, 16-23 loading in its second sell tender as September-loading. Those cargoes were heard awarded at premiums of $2.60-2.80 to Dubai quotes. China National Chemical Coop (ChemChina) was believed to have taken at least one cargo, but the details were unknown at this stage.


Asia Pacific Crude

Spot differentials for September-loading Papua New Guinea's Kutubu strengthened. Crack spreads for naphtha in Asia improved from the same period the previous month, which supported the Kutubu market. Crack spreads for naphtha was at plus $2.26 to Dubai quotes as of Jul 19, up sharply from minus $2.16 about a month ago. Papua New Guinea's producer Oil Search sold 600,000bbl of Kutubu for Sep 1-6 loading. It later turned out that the buyer was Europe's Trafigura and the price was at a premium of 10-20cts to DTD Brent.

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