News Search

News Search

Search Period

  1.  / 
  2.  / 
  3.    
  4.  / 
  5.  / 
  6.    

Weekly Summary

Crude/Condensate: Apr 7-11: India gov't directs firms to buy US crude

Middle East Crude

Spot differentials for June-loading Basrah Medium (BM) strengthened. Market sentiment became strong. Some end-users moved on spot purchase by raising bids amid a sense that the OSP for May-loading BM settled by Iraqi State Oil Marketing Organization (SOMO) was attractive. Some Chinese companies were apparently keen on buying BM instead of US grades such as Mars since the value of US grades was sensed as expensive due to China's retaliatory tariffs. In the market from Wednesday to Thursday, 1mil barrels of May-loading BM changed hands at premiums of about 50cts to the OSP although the buyer and the seller were unknown, according to some sources.

 

African/European/Russian/American Crude

  In the trade of US grades bound for Asia, state-owned Indian Oil Corp (IOC) on Thursday was said to have purchased WTI Midlands seen for June arrival. The seller was Norway's Equinor and IOC apparently purchased the cargo via private negotiations, stead of a regular tender. Meanwhile, the Indian government directed state-owned oil firms in India to increase trade of US crudes, said an end-user in India. The US apparently aimed to increase sales of US crudes in a bid to reduce the country's trade deficit.

 

Asia Pacific Crude

In the trade of Australia's heavy grades, the country's Woodside awarded a May-loading Vincent sell tender to US Chevron. The awarded price was said to have been at premiums in the $6's to Dated Brent. Through the tender close on April 3, Woodside was trying to sell 550,000barrels for May 1-5 loading. With refinery margins for LSFO improving, most end-users raised the evaluations for Australian heavy grades such as Vincent. Crack spread for fuel oil of 0.5% sulfur in May was $6.47 in Singapore on April 7, which was larger than that in April one month ago by about $1.30.

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