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Weekly Summary

Crude/Condensate: Oct 25-29: Some 2022 Murban term talks settled

Middle East

In the OTC market for Abu Dhabi grades, equity holders concluded some term talks for January to December 2022 loading with traders. The term prices were said to be at premiums of 15-16cts to OSP for cargoes with no destination restrictions. In the current annual term talks, most of terms were agreed at premiums of 10-15cts to OSP as reported.

 

Africa/Europe/Russia/America

In tender related news, Indonesia's state-owned Pertamina purchased African grades in its December to January arrival sweet crude buy tender closed last week. It later turned out that Pertamina purchased Nigeria's Qua Iboe and Congo's N'Kossa on top of Escravos. ExxonMobil supplied the Qua Iboe and the seller for N'Kossa was said to be Italian ENI. Elsewhere, Pertamina was said to have taken Algeria's Saharan Blend to Indonesia. Pertamina has an equity portion for Saharan Blend and the Saharan Blend was from the equity portion.

 

Asia Pacific

Spot market for December-loading Australian Ichthys condensate rose to premiums of $3.45-3.55 to DTD Brent. Ichthys condensate is a grade with high middle distillates yields, so that strong crack margins for naphtha and middle distillates in Asia buoyed the Ichthys market. A total of three Ichthys cargoes were supplied for December-loading and all of three cargoes were sold out. After French Total Energies sold a Dec 2-6 loading cargo, Japan's INPEX sold a mid-month loading cargo to Europe's Trafigura and an end-month loading cargo to PTT Public Co. in Thailand. The prices of INPEX's cargoes were at premiums of at least mid-$3s to DTD Brent.

 

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