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Weekly SummaryMarkets/International

Crude/Condensate: Jul 26-30: ADNOC narrows Oct term supply cuts to 5%

Middle East

 In the trade of Abu Dhabi grades, Abu Dhabi National Oil Co (ADNOC) in the United Arab Emirates (UAE) on Monday informed its term buyers in Asia that it narrowed September term supply cuts. Several market sources said ADNOC reduced October term supplies by 5% for all grades against contractual volumes, 10 points narrower than ADNOC's 15% cuts for September. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC, or OPEC plus, agreed at the meeting on Jul 18 to ease supply cuts by 400,000 barrels per day (b/d) per month from August onward. ADNOC earlier reduced its term supplies for all grades by 5% for August-loading and by 20% for all grades for July-loading.

 

Africa/Europe/Russia/America

 In the trade pf September-loading Congo's Djeno, the market showed little signs of bouncing back amid anemic demand from end-users in China. A total of seven cargoes for September-loading Djeno were heard slated. In the trade of August-loading, China International United Petroleum & Chemicals Co (UNIPEC) procured several cargoes of Djeno. Amid sluggish demand from overall end-users in China, cargoes were eventually cleared as UNIPEC finally procured cargoes. "Demand/supply fundamentals for September-loading would not change significantly, so that the tradable levels would be at discounts of around $2.00 to Dated Brent, the similar levels for last August trades," said a trader in Singapore.

 

Asia Pacific

 Spot differentials for September-loading Malaysian grades like Labuan gained. Malaysian grades were sensed as attractive compared to other regional grades like Vietnamese Chim Sao, which supported the Malaysian grades. "Malaysian grades like Labuan would not be available at premiums of low-$2s to DTD Brent. The tradable levels would be at premiums of slightly above #2.50 to DTD Brent," a trader in Singapore said. Meanwhile, Europe's Trafigura sold 300,000bbl of Labuan early this week. It later turned out the buyer was Australia's Ampol.

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