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OIL
Discounts for Russia's ESPO Blend crude arriving in China in September are at their narrowest in eight months according to Reuters sources.
- Around a dozen cargoes of the light sweet ESPO were traded over the past week or so, at discounts of $2 to $2.50 per barrel to November ICE Brent on delivered-ex-ship (DES) basis to China for September, according to multiple Reuters trading sources. It compares to a discount of about $4 in the previous month.
- A Shandong-based trading manager said ESPO blend remained as the baseload of low-sulphur crudes for smaller independent refiners, despite the higher prices.
- Crude with similar properties, like Congolese Djeno, are trading at a premium of about $4 a barrel over November ICE Brent on DES basis for delivery to China in September.
source: Reuters
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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