CPC Blend posts rapid gains

摘要

Supply constraints and stronger refning margins have helped drive up light sour Caspian CPC Blend relative to benchmark North Sea Dated. Petrochemical sector demand for naphtha and a tight gasoline market in Europe have bolstered demand for light distillate-rich CPC Blend from regional refners. The Caspian crude is also benefting from stronger buying interest from markets east of Suez, amid frm prices for competing Mideast Gulf crudes. A 1mn bl cargo of CPC Blend is due to discharge in Japan on 5 September, the frst such shipment since April 2020. The rare export coincides with a $1.16/bl increase in the ofcial selling price for Murban for next month to $73.50/bl. It also comes after state-owned Adnoc trimmed September allocations of Murban by about 15pc for Asia-Pacifc refners. CPC Blend is seen as an alternative to the light sour Mideast Gulf grade, given its similar quality.