CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: High CPC and N Sea Prices Discourage Imports by Asian Refiners

OIL

Asian refiners may skip imports of Caspian CPC Blend, North Sea Forties and Johan Sverdrup as high prices have closed the arbitrage window, according to Bloomberg sources.

  • Higher prices have been supported by expectation of short supplies of CPC and Forties while Johan Sverdrup is boosted as a replacement for Middle East grades amid OPEC+ production cuts.
  • Forties loadings will drop from 181kb/d in July to 135kb/d in August amid planned maintenance and CPC exports could fall on Tengiz maintenance in August.
  • CPC Blend is the strongest in six months at a $1-$1.50/bbl discount to Dated Brent, compared to discounts of $3.20-$3.30 a month ago.
  • Johan Sverdrup and Forties premiums of more than $1/bbl to Dated Brent are considered too high to make arbitrage feasible.
  • Demand from European refineries is stable although below previous expectations. 
BulletEnergy BulletsCommodities
BulletEnergy BulletsCommodities

To read the full story

Close

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.