Middle East Crude-Murban premium narrows slightly

15 Mar, 2018

UAE: Japanese refiner Fuji Oil has bought one 500,000-barrel cargo of Murban crude loading in May via a tender, trader said.

The company bought the cargo from a global oil trader at 7 cents below its official selling price (OSP), they added.

Fuji Oil has a lower demand for spot Middle East crude this month because of term supplies and high inventories, one of the sources said.

QATAR: Qatar Petroleum has sold two cargoes of May-loading al-Shaheen crude at lower premiums than the previous month, as the peak refinery maintenance season crimped demand in Asia, traders said.

The cargoes, loading on May 1-2 and May 8-9, were sold at premiums of 12 and 14 cents a barrel to Dubai quotes, putting the month's average premium at 13 cents, they said. Chinaoil may have bought the cargoes.

RUSSIA: China's CEFC has sold one of its two May-loading Sokol crude cargoes in the spot market, traders said.

The cargo to load on May 20 was sold at a premium of low-$4 to Dubai quotes, slightly below the low-end of the price range for April-loading cargoes, they said.

The other cargo has been committed to a term buyer, one of the sources said.

ExxonMobil is offering three 700,000-barrel Russian Sokol cargoes for loading on May 7, 18 and 29. Buyers are to bid for a specific cargo and only one of the three cargoes will be awarded.

 

Copyright Reuters, 2018
 

 

 

 

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