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COVID-19 - News digest as of 21.06.2021

June 21/2021

1. Asia Distillates-Gasoil cash differential falls but ends week higher on improving demand in the region

MOSCOW (MRC) -- Cash discounts for cargoes of Asia's 10 ppm gasoil slipped on Friday on weaker physical deal values in the Singapore trading window, but ended the week higher on signs of improving demand in Asia, reported Reuters. The 10 ppm cash differential was at a four-session low of minus 4 cents a barrel below Singapore quotes on Friday, down from minus 2 cents in the previous session. The differential climbed to a more than two-week high premium of 5 cents a barrel on Wednesday. Sentiment, however, was capped by concerns of rising regional supplies as refiners in north Asia resume operations following seasonal refinery turnarounds.

2. Crude oil futures rise in Asia supported by recovery in global oil demand

MOSCOW (MRC) -- Crude oil futures rose during mid-morning Asian trade June 21 as markets continued to price in a recovery in global oil demand, while keeping an eye on the recently resumed Joint Comprehensive Plan of Action negotiations, reported S&P Global. At 11:28 am Singapore time (0328 GMT), the ICE August Brent futures contract was up 47 cents/b (0.64%) from the previous settle at USD73.98/b, while the NYMEX WTI July light sweet crude contract was up 55 cents/b (0.77%) at USD72.19/b. This morning's rise extends the uptrend from that of last week ended June 18, during which the Brent and NYMEX light sweet crude markers rose 1.13% and 1.03% to close at USD73.51/b and USD71.64/b, respectively.

3. South Korea crude oil imports from USA rise in May for first time over past twelve months

MOSCOW (MRC) -- South Korea's imports of US crude oil rose 21.3% from a year earlier in May, marking the first year-on-year increase in 12 months, as local refiners continued to raise middle distillate output amid improving transportation fuel demand and a widening Brent-Dubai price spread made North American barrels competitive, reported S&P Global with reference to latest data from Korea Customs Service. The world's fifth-largest crude importer received 1.227 million mt, or 8.99 million barrels, of US oil in May, up from 7.41 million barrels a year earlier, the customs data showed. The country has been receiving more than 4 VLCCs/month from the US since February. The majority of US crudes that South Korean refiners purchase are light sweet grades rich in middle distillate yield, including WTI and Eagle Ford.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, medicine, petrochemistry, COVID-19, USA, South Korea.
Category:General News
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