SINGAPORE/NEW DELHI: India's state-run explorer Oil and Natural Gas Corp (ONGC) sold via tender 700,000 barrels of Russian Sokol for June loading at a slightly lower premium than the previous month, traders said on Monday.
The cargo for June 9-13 loading was sold to BP at a premium of $9.20-$9.30 a barrel above Oman/Dubai quotes, they said, adding that the price level was still strong on firm demand for distillates-rich grades.
The differential was 20-30 cents a barrel lower than last month when a May lifting cargo was sold at the highest premium in more than two years on strong gas oil cracks, while unrest in Libya cut output and tightened supply of sweet grades.
Brent's strong premium over Dubai also boosted demand for crude priced on Gulf markers.
Front-month Brent/Dubai Exchange of Futures for Swaps (EFS) jumped to between $7.25 and $7.30 a barrel on Monday, the widest since August 2005, on prospects of a protracted disruption to Libyan exports.
Comments
Comments are closed for this article.