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)


People & Company News

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Finance

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Energy

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

ABS Makes it Safer to ‘Walk to Work’

ABS announced the publication of The ABS Guide for Certification of Offshore Access Gangways. The new Guide addresses certification for safety systems used for “walk to work” (W2W) crew transfers.

Viking Grace Marks 1,000 LNG Bunkering Milestone

From the very beginning, the M/S Viking Grace – delivered in January 2013 – was an environmental milestone.   The vessel attracted global attention as an environmental

News

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Zumaia Offshore Acqires MPP Workboat Aitana B

In April 2016 Zumaia Offshore, S.L., leading workboat owner and operator based in the Basque Country, took delivery of the Cummins-powered MPP workboat “Aitana

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics
rss | archive | history | articles | privacy | 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: 0.1552 sec (6 req/sec)