International crude: African wave crushes Cossack, Kutubu

摘要

Cossack and Kutubu took the biggest fall among the Asian/Pacific regional grades Wednesday, sliding $1.55-1.90/barrel, succumbing to the wave of cheaper cargoes from West Africa."There are more ultra light sweet crude around," noted a supplier.An October-loading Cossack was heard to have changed hands at APPI Tapis plus $1-1.30/b, while Kutubu traded at APPI Tapis plus below $2/b, sources said. Oil Search was heard to have sold the Kutubu but more detail of either trade was not available. Less supply of Cossack, demand from Australian refiners and China lifted the premiums for Kutubu and Cossack to $2.50-2.90/b last month. Much better fuel oil cracks provided a silver lining to the otherwise more bearish market for Duri.