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Asia Crude-Kenya buys Murban from Total, Shell; lower
Traders Addax and Gulf Energy might ship the cargoes.
July 23, 2010 1:27 by Reuters
Kenya bought two 600,000-barrel cargoes of Abu Dhabi Murban crude for September arrival in its monthly tender at weaker differentials than last month, traders said on Friday.
European majors Shell and Total sold the cargoes at a premium of around 83 and 53 cents a barrel to ADNOC on a cost and freight basis (C&F), traders said, but it was not clear which company sold at what price.
Traders Addax and Gulf Energy would ship the cargoes, a trader said, although this could not be confirmed.
The prices compare with a premium of around 87 cents to ADNOC, also on a C&F basis, at which Kenya bought two cargoes last month. An equivalent fair value for Murban on a free on board basis would be around an 18 cent discount to the OSP, some traders said.
Middle East crude grades for September have been selling at lower prices than for August because of abundant supplies and relatively weak demand from refiners.
Kenya’s only refinery, the 60,000 barrels per day Mombasa plant, supplies refined products to Kenya and neighbouring countries.
(Reporting by Alejandro Barbajosa; Editing by Himani Sarkar)