Asia-Pacific Crude-Weaker; ONGC sells Sokol

MarineLink.com
Monday, February 24, 2014

By Jacob Gronholt-Pedersen and Florence Tan, Reuters

The Asia-Pacific crude market weakened on Monday with differentials for Russian Sokol depressed by slow demand during peak maintenance season, but a recovery in the naphtha market offset some of the losses.

India's ONGC sold 700,000 barrels of light sweet Sokol crude for May 1-4 loading to Glencore at $7.50 per barrel above Oman/Dubai quotes on a cost and freight (CFR) basis, traders said.

The company last sold Sokol for April loading at a premium of $8.50 per barrel.

Sentiment in the crude market has weakened with many regional refiners undergoing maintenance, however, slight gains in the naphtha and middle distillate markets were supportive.

Brent-Dubai Exchange of Futures for Swaps (EFS) <DUB-EFS-1M>, or Brent's premium to Dubai swaps, widened 11 cents to $4.01 per barrel.

* TENDERS

Indonesia's Petral bought 600,000 barrels of Azeri Light for April 15-20 arrival in a tender. That brings the company's crude imports for April arrival to about 5.6 million barrels.

* MARKET NEWS

China's commercial crude oil inventories rose 3.57 percent over December in January following record high imports, breaking a three-month sequence of stock drawdowns, the official news agency Xinhua said on Monday.

Some Libyan government ministries are struggling to cover expenditures because of budget problems, a minister said on Sunday after protesters shut down another vital oilfield in the OPEC producer.

South Sudan has reversed a plan by local authorities to partially shut down oil production and evacuate foreign workers in its main oil-producing region after it was hit by the worst fighting since a January ceasefire.

A force majeure on Angola's Plutonio grade of crude oil has been lifted, a spokesman at operator BP said on Friday.

(Editing by Keiron Henderson)

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Energy

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2530 sec (4 req/sec)