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Weekly Summary

Crude/Condensate: Jan 13-17: Mar Murban extends slide with weak demand

Middle East

The market for March-loading Abu Dhabi Murban fell to discounts of 62-67cts to OSP. Deteriorating demand/supply fundamentals showed no signs of halting, sending the market lower. Demand lost momentum amid worsening refining margins such as middle distillates. In addition, supplies for March-loading Murban increased due to regular maintenance in a refinery in Abu Dhabi.

  

Africa/Europe/Russia/America

Spot differentials for East Siberian ESPO were narrowed to premiums of $6.90-7.00 to Dubai quotes. Crack margins worsened in China, which weighed on the ESPO market. Russian producer Surgutneftgaz sold two ESPO cargoes for Feb 29-Mar 5 and Mar 4-9 loading through its sell tender closed on Thursday. The buyers were said to be Europe's Mercuria and Sinochem and the prices for both of the cargoes

 

Asia Pacific

In the trade of March-loading Vietnamese grades, the country's state-run PV Oil closed on Tuesday its tender to sell 300,000bbl of Ruby for 6-13 loading. With bids valid through Jan 21, the awarded price was not available at this stage, but bids were heard cast at a premium of at least $7 over DTD Brent. Ruby with a high fuel oil yield drew brisk demand on the back of the tighter IMO regulation.

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