SINGAPORE: Middle East crude benchmark Dubai slipped on Tuesday, while Basra crude was sold at premiums for the first time in six months for cargoes loading in April on tighter supplies, trade sources said.
IRAQ: April Basra Light crude premiums rose to 70-80 cents a barrel while premiums for Basra Heavy crude touched $1 a barrel for cargoes destined for Asia, they said.
Basra crude supplies are expected to fall in April as Iraq complies with an agreement between OPEC and non-OPEC producers to restrict output, the sources said, while maintenance at one of the loading facilities also curbs supplies.
Iraq cut April exports by 8 million-10 million barrels, according to traders' estimate, although this could not be confirmed with Iraq's state-oil marketer, SOMO.
Indian refiner HPCL and Taiwanese refiner Formosa Petrochemical have issued tenders seeking Basra Light.
Basra crude premiums are likely to stay supported at premiums of more than 50 cents a barrel for May-loading cargoes, one of the sources said.
RUSSIA: Surgutneftegaz has sold six ESPO cargoes at $3.10-$3.60 a barrel above Dubai quotes, traders said.
The lowest premium of some $3.10 a barrel was for the cargo loading on May 25-29, while the cargo loading on May 9-13 fetched the highest premium at $3.60 a barrel, they added.
The other four ESPO Blend cargoes offered in the tender were sold at premiums between $3.30 and $3.60 a barrel, traders said.
Separately, CEFC Energy has sold two cargoes of June-loading Sokol crude at differentials pegged to a price formula based on Argus assessments, traders said.
Comments
Comments are closed.