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Weekly SummaryInternational

Crude/Condensate: Sep 27-Oct 1: Kimanis, production trouble happens at Shell's oil field

Middle East

 Taiwan's CPC Corp and China's Rongsheng Petrochemical finally skipped November-loading crude buy tenders for Middle Eastern grades. CPC earlier purchased a total of 4.0 mil bb of WTI crude in its December arrival sweet crudes close in the middle of September, so that demand from CPC was seen filled with the sweet crude. CPC normally buys sour grades such as Abu Dhabi Upper Zakum in its monthly sour crude buy tenders. Meanwhile, Rongsheng skipped procurements for the second straight month following October-loading.



 In the trade of US grades bound for Asia, no offers for medium grade Mars were recently witnessed. Oil production facilities in the Gulf of Mexico have been damaged by several hurricanes since late August, reducing crude production in the region. Supplies for Mars later were resumed, sending FOB prices lower. But US oil refiners were now procuring Mars, so that Mars was not apparently offered to Asian buyers.


Asia Pacific

 In the trade of Malaysian grades, supply for November-loading Kimanis totaled five cargoes including an end November to early December loading cargo, less than normal month due to production issues as reported. It later turned out that the production trouble occurred at the oil field operated by Royal Dutch Shell. Production at other Kimanis oil fields continued, but supply/demand fundamentals for Kimanis remained tight. In the trade of November-loading Kimanis, Brunei Energy Service and Trading (former Petroleum Brunei) sold 600,000bbl of Kimanis at a premium of above 40cts to OSP.

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