Thai Oil buys 1 MMbbl North Sea crude for Nov to replace Mideast oil
Refiner Thai Oil PCL has bought 1 MMbbl of North Sea Forties crude to be
delivered in November to replace more expensive Middle East oil, trade
sources said on Wednesday.
The delivered price for Forties was lower than that for Abu Dhabi's Murban
loading in October, one of the sources said.
The Forties crude deal was unusual as a wide price difference between Brent
and Middle East crude Dubai would seem to indicate the Atlantic Basin to
Asia arbitrage is not open, traders said.
The seller was likely to be looking for an outlet for North Sea oil that has
built up in storage, the sources said.
About 10.8 MMbbl of North Sea crude were stored on ships last week, based on
Reuters calculations and trading sources.
It takes about 40 days to ship North Sea crude to Asia.
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Link to Original Article:
http://www.hydrocarbonprocessing.com/news/2017/08/thai-oil-buys-1-mmbbl-nort
h-sea-crude-for-nov-to-replace-mideast-oil
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John Diecker
APT Consulting Group Co., Ltd.
www.aptthailand.com
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