Murban crude cargo trades at parity with Sept loading

15 July 2010 05:06  [Source: ICIS news]

SINGAPORE (ICIS news)--A 500,000-barrel cargo of light sour Murban crude traded at parity for September loading, traders said on Thursday.

“The differentials for light sour grades are getting weaker because of bearish naphtha, whereas the medium/heavy grades are strengthening, supported by fuel oil,” a trader said.

Abu Dhabi’s Murban crude has an API gravity of 39.6 degree, traders said.

Global crude prices hobbled below $76/bbl (€60/bbl) on Thursday, as China’s economic growth slowed in the second quarter and the U.S. Federal Reserve considered further credit easing, ICIS data showed.

On naphtha, the price spread between first half September and first half October contracts widened to a contango of $7.50/tonne on Thursday from $7/tonne in contango on Wednesday, due to a supply deluge and poor demand, ICIS data indicated.

($1 = €0.79)

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By: Felicia Loo

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