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Weekly Summary

Crude/Condensates: May 10-14: Jun Murban bound for US buyers

Middle East Crude

In the trade of prompt June-loading Abu Dhabi grades, several cargoes for Murban were heard sold to end-users in US. In the last trading cycle for June-loading, an overhang of Murban was witnessed, sending the market lower at one time. But following the slide in the market, end-users in US entered the market to buy Murban on price dips. As for buying of Murban by US buyers, a recent fall in US light crude production was cited.

African/European/Russian/American Crude

In the trade of July-loading Sakhalin grades, Sakhalin Sokol firmed as wide Brent/Dubai EFS spreads made Dubai linked Sokol attractive. India's Oil and Natural Gas Corp (ONGC) sold one cargo of Sokol for Jul 2-8 loading in its sell tender closed on May 11. The buyer was South Korea's GS Caltex and the cargo fetched a premium of about $3.20 to Dubai quotes. GS Caltex earlier purchased a total of three cargoes of Sokol for June-loading. Demand for light grades in US was also growing, and this would also help support the July-loading Sokol market, said a market source.

Asia Pacific Crude

In the trade of July-loading Malaysian grades, Brunei Energy Service & Trading sold two cargoes of Kimanis for Jul 2-6 and 10-14 loading (600,000bbl each) at discounts to OSP through its sell tender closed on May 10. It later turned out that the prices were at discounts of 20-50cts to DTD Brent. In the previous sell tender for June-loading Kimanis, Brunei Energy sold one cargo at a discount of around 30cts to OSP as reported. Europe's Trafigura secured one of the cargoes for July-loading as reported.

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