Crude/Condensates: Jun 7-11: Aug Sakhalin Sokol rises sharply
In the trade of August-loading Abu Dhabi grades, state-owned Indian Oil Corp (IOC) purchased Abu Dhabi Murban as Middle Eastern crude in its Aug 1-10 loading crude buy tender closed on Jun 3. It purchased 1.0 mil bbl of Murban. It was widely viewed that the seller was British BP. IOC was said to have purchased several West African grades such as Congo's Djeno in addition to Murban. Meanwhile, China's Rongsheng Petrochemical purchased 1.0 mil bbl per month of Murban in its September to December loading term tender. The price details were unknown but the seller was said to be PetroChina.
The August-loading market for Sakhalin Sokol rose sharply. Refining margins for jet fuel and gasoline in Asia improved, so that healthy demand pushed the market higher. India's Oil and Natural Gas Corp (ONGC) sold Sokol for Aug 2-8 loading in its sell tender closed on Tuesday. The cargo fetched a premium of $3.90-4.00 to Dubai quotes. The buyer was said to be US Chevron. The major would bring the cargo to South Korea's GS Caltex under the umbrella of the major.
Asia Pacific Crude
In the trade of Vietnamese grades, state-run PV Oil issued a Chim Sao sell tender and closed it on Friday. The tender was for 300,000bbl for Aug 13-17 loading with the validity until Jun 16. In the trade of July-loading Chim Sao, a sell tender was not floated due to falling production. In the previous sell tender for June-loading Chim Sao, PV Oil sold an end month-loading cargo to Australia's Ampol at a premium of low to mid-$2s to DTD Brent as reported. PV Oil was believed to float sell tenders for August-loading grades like Ruby gradually.