16 April, 2018
Middle East Crude
In the trade of May-loading Middle Eastern crude grades, Abu Dhabi Murban strengthened. Rising demand underpinned the market. In Japan, refinery turnarounds would be largely completed while the wining Brent/Dubai EFS spreads helped enhance price competitiveness of Dubai linked Middle Eastern light grades. JXTG Nippon Oil & Energy and Fuji Oil each purchased Murban. The prices were at a premium of around 20cts to OSP or slightly larger premiums.
In the trade of arbitrage condensates bound for Asia, former Dragon Aromatics in China was said to have purchased Equatorial Guinean Alba condensate for June arrival following its three-year absence after its petrochemical plant was shut down by an explosion in April 2015. The firm was expected to send the plant back on line in the upcoming June at earliest. Details on the seller and price were not immediately confirmed, but the cargo apparently fetched a stronger price than typical cargoes
Asia Pacific Crude
In the trade of May-loading Australia’s condensate, former Dragon Aromatics, purchased 650,000bbl of Pluto for mid-May loading. It later was unveiled that the direct seller was a Chinese state-owned oil firmas reported. “The buyer this time has been changed to a new company from Dragon Aromatics before an explosion,” said a major source. Sellers like majors were not ready to sell to the new company, so that they refrained from selling directly, said the major source. Under the circumstances, a Chinese state-owned company was seen involved in the deal between the two firms,” said the major source.