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Weekly Summary

Crude/Condensate:Jun 22-26: Aug Murban sinks to OSP -70cts

Middle East

In the trade of Abu Dhabi light grades, end-users in Japan such as ENOS Corp (Former JXTG

Nippon Oil & Energy), Cosmo Oil, Idemitsu Kosan and end-users in India like Reliance Industries

Limited purchased Murban for August-loading on Wednesday. It later turned out that Cosmo Oil

bought Murban from European Vitol at a discount of around 70cts to OSP. Reliance appeared to

have purchased additional Murban at Dubai linked prices. Reliance last week purchased 2.0 mil

bbl of Murban from Aramco Trading at Dubai linked prices. Murban were glued to hefty discounts

as the latest OSP was sensed as expensive. In addition, producers like Saudi Aramcop skipped

supply cuts for light grades led by Arab Extra Light (AEL).

Africa/Europe/Russia/America

Spot differentials for August-loading East Siberian ESPO slipped. Freight rates for long-haul

tankers dropped, so that more arbitrage cargoes like African and Brazilian cargoes, competing

grades for ESPO, could flow into Asia, which weighed on the ESPO values. European Trafigura

sold an August-loading ESPO cargo. The details of the buyer were unknown but the price was

said to be at a premium of $3.00-3.10 to Dubai quotes.

Asia/Pacific

In trade of Australian heavy grades, production of Van Gogh was expected to restart in the fourth

quarter of this year at earlier. As reported, Van Gogh ceased production as the floating production, storage and offloading (FPSO) facility entered maintenance since April. The production was

initially believed to restart in the latter half of this year, but was growingly unlikely at least through

September. The delay came from the COVID-19 expansion. A market source said that

maintenance works on the FPSO at the dry dock in Singapore are extended due to the COVID-19

impact.

 

 

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