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Asian Customers Continue Murban Grade Buying Amid Red Sea Tension

OIL

China’s Sinochem bought six cargoes totalling 3mn barrels of Abu Dhabi’s Murban crude for April loading, traders told Bloomberg.

  • Last week, Japan’s Fuji Oil bought a 500k barrels cargo of Murban crude for April loadings, traders said. The cargo was purchased at around $1.20/bbl above the Dubai benchmark price.
  • Crude oil buying patterns have changed as buyers aim to source more locally amid ongoing Houthi rebel attacks in the Red Sea. The price of UAE’s Murban crude in the spot market dominated by Asia has risen first in mid January as supplies don’t require routes via the Red Sea or diversions via the Cape of Good Hope.
  • Asian demand for Ab Dhabi’s Murban crude increased last month, which supported spot prices in mid-January, while flows from Kazakhstan to Asia are down sharply.
Energy BulletsCommodities
Energy BulletsCommodities

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