Minas, Tapis go walkabout

摘要

Asia-Pacific spot crude differentials are shifting sharply to compensate for erratic regional benchmarks. Strong bidding has boosted the value of Indonesian medium sweet benchmark Minas, despite low demand for such crudes in Asia-Pacific. Trading firm Petraco and US bank Morgan Stanley bid for partial cargoes of Minas in pricing agency Platts' market-on-close window at the equivalent of a $4.50/bl premium to Ice June Brent, compared with more typical premiums of $2-3/bl. Minas partial cargoes are 25,000 bl each and are usually cash settled.