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Sept Russian ESPO crude premiums jump after China demand rebounds – sources

Thursday, 18 July 2019 | 20:00

Spot premiums for September-loading Russian ESPO crude have jumped about $1 a barrel from the previous month as demand from Chinese independent refiners rebounded, three trade sources said on Thursday.

Russian producer Surgutneftegaz has sold two cargoes at $4.90 to $5.00 a barrel above Dubai quotes, they said, much higher than premiums of $3.65 to $4.10 a barrel seen in the company’s last tender for August-loading cargoes.

It was not immediately known who bought the cargoes loading on Aug. 31 to Sept. 5 and Sept. 4 to 9.

China’s crude demand rebounded recently as refining margins have improved, the sources said, adding that independent refiners had snapped up cargoes for delivery in September and October.

These refiners also received their second batch of quotas at the start of July which will need to be used up by the end of the year, they said.
Source: Reuters (Reporting by Florence Tan and Olga Yagova; editing by Christian Schmollinger and Dale Hudson)

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