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Weekly Summary

Crude/Condensate: Mar 18-22: Conoco Philipps awards May Kimanis tender

Middle East Crude

 In trade for May-loading Oman, Taiwan's Formosa Petrochemical Corp(FPCC) bought 2mil barrels via a tender on Wednesday. The seller was European Vitol and the price was linked to Dubai quotes. FPCC had bought 2mil barrels of April-loading Oman from Aramco Trading via a tender in February.

 

African/European/Russian/American Crude

 A loading schedule for May Angolan grades was unveiled and it turned out that 32 cargoes in total planned to be loaded. The supply was about two cargoes less than the previous month. Angolan producer would handle 13 cargoes in total. Four cargoes each for Mostarda, Dalia, three cargoes each of Cabinda, Pazflor would be loaded. Furthermore, two cargoes each for Nemba, Girassol, Kissanje, Saturo, Plutonio and Clove, one cargo each for Hungo, Mondo, Saxi, Sangos, Olonbendo and Gindungo were slated.

 

Asia Pacific Crude

 In trade for May-loading Malaysian grades, US Conoco Philipps apparently awarded a Kimanis sell tender to one refiner in Australia at premiums of $11 to Dated Brent. Through the tender closed last Friday, Conoco Phillipps was trying to sell one cargo for May 2-7 loading.

With refinery margins for middle distillates worsening, buying interest in Kimanis had been initially expected to retreat. Nevertheless, Kimanis lured spot demand since a May-loading Chim Sao sell tender was not issued.

 



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