February 05, 2024 13:44 GMT
CPC Crude Prices Fall on Weakening Asian Demand
Caspian CPC crude prices have fallen as Asian buyers hold off on buying amid Red Sea chaos, according to Bloomberg, citing market sources.
- Asian refiners have not bought any CPC for Feb and March loading to date. This compares with a normal level of 8-10 cargoes per month.
- Gunvor sold an 88k mt CPC cargo Feb. 2 for delivery Feb. 23-27 at Dated Brent minus $4.25 via the Platts window.
- Spot prices are currently at a discount of about $3.50 to Dated Brent, widening by $2 on the month, sources told Bloomberg.
- Other Mediterranean grades such as Azeri Light are holding up better as their demand centres are largely in Europe. This means they don’t need to transit via the Red Sea or Cape of Good Hope.