Stronger naphtha cracks bolster buying interest among Asia consumers

24-Aug-11
Stronger naphtha cracks bolstered buying interest among consumers in Asia, perking up condensate values in the Middle East crude market, as per Reuters. Discussion for October-loading cargoes of Qatar's deodorized field condensate (DFC) saw premiums of US$2.10-2.50 a barrel to Dubai quotes, up from premiums of US$1.70-1.80 last month. Saudi crude is slated to reach the U.S. West Coast next month from storage in Japan, an unusual flow that highlights the growing importance of Asian oil supplies for North America's Pacific refineries. ConocoPhillips has chartered the 600,000-barrel Blue Sea tanker to load in Okinawa on Aug. 24. The crude will come from Saudi Aramco's leased storage in southwestern Japanese island.
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