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Bucking the bearish trend, ESPO Blend crude from Russia's Eastern Siberia were sold at their strongest premium in nearly nine months in late June after Russia harmonised the grade's trade schedules with Middle East crudes.
"Saudi is trying to secure demand in the Asia-Pacific region," said a second trader. "It is closely watching ESPO activity."
Refiners were also cautious, watching whether a recent improvement in margins would be sustainable. Margins in the Singapore oil hub for Dubai crude run at a complex refinery were $3.79 a barrel for the last 15 days, higher than an average of $3.40 over the last year.
Simple refineries in Singapore showed a profit of 6 cents a barrel over the last 15 days, versus profits of 36 cents over the past year.
http://www.tradearabia.com/news/news...M&artid=182352
Russian-To-Asia Pipeline Takes Detour to U.S.
Russian oil has taken an unexpected turn to the U.S., where it is making inroads on the West Coast.
Oil refineries spanning the area between the Puget Sound in the Pacific Northwest and greater Los Angeles have been quick to try out oil that is landing in tankers sent from Russia's eastern coast. Imports have gone from zero to an estimated 100,000 barrels a day in a matter of months since a pipeline bringing crude from deep inside Eastern Siberia came online.
http://online.wsj.com/article/SB1000...940412824.html
"Saudi is trying to secure demand in the Asia-Pacific region," said a second trader. "It is closely watching ESPO activity."
Refiners were also cautious, watching whether a recent improvement in margins would be sustainable. Margins in the Singapore oil hub for Dubai crude run at a complex refinery were $3.79 a barrel for the last 15 days, higher than an average of $3.40 over the last year.
Simple refineries in Singapore showed a profit of 6 cents a barrel over the last 15 days, versus profits of 36 cents over the past year.
http://www.tradearabia.com/news/news...M&artid=182352
Russian-To-Asia Pipeline Takes Detour to U.S.
Russian oil has taken an unexpected turn to the U.S., where it is making inroads on the West Coast.
Oil refineries spanning the area between the Puget Sound in the Pacific Northwest and greater Los Angeles have been quick to try out oil that is landing in tankers sent from Russia's eastern coast. Imports have gone from zero to an estimated 100,000 barrels a day in a matter of months since a pipeline bringing crude from deep inside Eastern Siberia came online.
http://online.wsj.com/article/SB1000...940412824.html