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Weekly Summary

Crude/Condensate: Mar 3-7: INPEX sells May Murban

Middle East Crude

Abu Dhabi National Oil Co (ADNOC) in the United Arab Emirates (UAE) informed its long-term contractors by end February that the company would supply May-loading term cargoes as per contracts. Meanwhile, some long-term contractors such as Japanese energy companies did not request ADNOC to increase May-loading term supply and these contractors were closely watching over Middle East countries' supply situation. INPEX sold at least two cargoes of May-loading Murban. Of these, one European trader was said to have bought one cargo at premiums of about 15cts to the OSP, which was about 5cts lower than April-loading Murban.

 

African/European/Russian/American Crude

In the trade of Kazakhstan crudes for Asia, offers for CPC Blend for June arrival started to emerge at a premium of above $3.00 to June Dated Brent on a CFR basis. But rival grades such as Dubai linked Middle Eastern grades slipped, so that no buyers to accept the above offer for CPC Blend were apparently in sight. State-owned Indian Oil Corp (IOC) purchased one cargo of Nigerian Agbami via its mini tender for April-loading. The seller was European Trafigura. It was believed that the cargo would be co-loaded with Dalia that IOC took from Sonangol under the term contract.

 

Asia Pacific Crude

In trade for May-loading Brunei grades, Brunei Energy Service Trading (BEST) opened a sell tender for May loading Seria Light Export Blend. The tender would be closed on Thursday and the bids would valid till Friday. Through the tender, BEST was trying to sell one cargo of 600,000barrels for May 6-7 loading. In trade for April-loading Australian condensates, NWSC changed hands. Briton's BP sold one cargo for Apr 19-23 loading. The buyer was one end-user and the price was at discounts of about $5 to Dated Brent, according to sources.


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