African grades go east

摘要

Malaysian sweet Tapis' premium to North Sea Dated has prompted Asia-Pacific refiners to buy Atlantic basin crudes. India's BPCL bought a cargo of Nigerian Agbami, two cargoes of Bonny Light and one cargo of Algerian Saharan Blend in its latest tender. Agbami was nearly $2/bl cheaper than Tapis for much of early March (see upper graph).