Summer utility demand buoys heavy sweet grades

摘要

Northeast Asian utility demand and lower output from nuclear power plants are underpinning the Asia-Pacific heavy sweet crude market. Strong demand from Japanese and South Korean utilities boosted Indonesian heavy sweet Duri crude for June to a record high premium of 6.50/bl to the official Indonesian crude price (ICP). Vietnamese medium sweet Sutu Den crude traded for June at a record high premium of 7/bl to heavy sweet benchmark Minas, while Vietnam's medium sweet Bach Ho crude traded for July at a record high premium of about 7.30/bl to Minas assessments. Tight supplies have prompted trading firm Petraco to bid for June Minas cargoes at hefty premiums to North Sea Dated of up to 2.50/bl.