Tapis crude sold at massive discount<\/p>\n
SINGAPORE (Reuter): Sentiment on the prompt Asian light crude
\nmarket was bearish on news that a shosha had sold its September
\nTapis cargo at a very low level, traders said yesterday.<\/p>\n
A shosha heard sold its September Tapis cargo to a South
\nKorean refiner at a hefty discount of 90 cents per barrel to the
\nTapis APPI.<\/p>\n
The cargo was scheduled to load on Sept. 11 and Sept. 12, but
\nwas heard pushed back to Sept. 17 and Sept. 18.<\/p>\n
The seller had been offering the cargo for the past few
\nmonths, lowering its offer from Tapis APPI -30, to Tapis APPI
\n-50.<\/p>\n
The fate of another prompt Tapis cargo, loading end September,
\nwas uncertain, as talk that the seller had sold the cargo to a
\nU.S. West Coast refiner could not be confirmed.<\/p>\n
Some traders said the cargo was still on offer early
\nyesterday.<\/p>\n
But an October light Kutubu cargo was heard sold by a European
\nmajor at Tapis APPI -40, higher than September deals of around
\nAPPI -60.<\/p>\n
Traders said this reflected a slightly stronger October light
\ncrude market as increased demand was expected from North Asia.<\/p>\n
A 150,000 barrel parcel of September heavy Minas was heard
\nsold by a shosha at ICP +15 cents per barrel to China.<\/p>\n
Traders said that this would leave just a small volume, around
\n50-100,000 barrels of Minas unplaced for September.<\/p>\n
In the Middle East crude market, trading on the remaining
\nOctober Abu Dhabi grades were active.<\/p>\n
One million barrels of October Murban was heard sold by a
\nEuropean major to a U.S. major at ADNOC +16.<\/p>\n
Murban, Lower Zakum and Umm Shaif trades were also heard done
\nearlier to two other U.S. majors.<\/p>\n
Despite the active market, traders said a few cargoes of Lower
\nZakum and Umm Shaif remain unsold, offered by a shosha and two
\nEuropean majors.<\/p>\n
India's supplementary tender for October heard attracted three
\ncargoes of Oman, from two shosha and a trader at MPM +9, +12, and
\n+15.<\/p>\n
Only one cargo of Dubai was offered, by a U.S. major at first
\nhalf month quotes +40 cents.<\/p>\n
In an initial October tender, Dubai cargoes were offered at
\nfirst half month quotes +15, and +19, but were rejected.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/tapis-crude-sold-at-massive-discount-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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