Vietnam’s Chim Sao oil sold at the highest premium since June, even as margins from turning crude into fuel products dropped to the lowest level in two months.
PV Oil Corp., Vietnam’s state-run oil-marketing company, sold four cargoes of Chim Sao crude loading in November at premiums of $4.80 to $5.20 a barrel to dated Brent, said three people who participate in the market.
The buyers included Royal Dutch Shell Plc (RDSA) and Itochu Corp. (8001), the people said, asking not to be identified because the information is confidential.
PV Oil sold August cargoes for as much as $7 a barrel more than the marker grades, two people said on June. 18.
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Crude: Chim Sao (Vietnam)
Price: Premium of about $4.80 to $5.20 to dated Brent
Loading: Shell - 250,000 barrels for Nov. 1-5
BP - 300,000 barrels for Nov. 8-12
Itochu - 300,000 barrels for Nov. 18-22
Itochu - 300,000 barrels for Nov. 26-30
Buyers: Shell, Itochu, others
Seller: PV Oil
Bloomberg.com
