Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Venezuela-linked sanctions put floor under sour crude spreads

Commodities | Electricity | Electric Power | Nuclear | LNG | Natural Gas | Oil | Crude Oil | Refined Products | Petrochemicals | Olefins | Shipping | Marine Fuels

Market Movers Europe, Feb 17-21: Coronavirus exerts pressure on oil, LNG, ethylene; Europe loses another nuclear reactor

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas | Oil | Crude Oil

Uptick in volatility as Dubai crude futures spreads strengthen amid Rosneft sanctions

Venezuela-linked sanctions put floor under sour crude spreads

Singapore — The benchmark Dubai crude futures market structure moved higher in mid-morning trade in Asia Wednesday as new sanctions imposed on a Cuban company over its links to Venezuelan oil tradingput the focus back on the global supply shortage of medium and heavy high sulfur crudes.

The December/January Dubai futures spread was pegged at $1.29/b at 11 am in Singapore (0300 GMT), higher than Tuesday's assessment at $1.20/b at 4:30 pm (0830 GMT).

The January/February futures spread was pegged at 79 cents/b at 11 am, up from the assessment at 77 cents/b at Tuesday's close in Asia.

The US Treasury Department overnight imposed sanctions on a Cuban company for its role in facilitating Venezuelan oil trading.

"Treasury continues to pursue sanctions evaders to deny resources to the illegitimate Venezuelan regime," US Treasury Deputy Secretary Justin Muzinich said in a statement.

The Treasury sanctioned Corporacion Panamericana, a Havana-based company, for acting as an intermediary for Cubametales, a Cuban company already subject to US sanctions, in oil and gasoline trades prohibited by US sanctions.

Crude oil from Venezuela flowed regularly into Asia before the US slapped sanctions on the country earlier this year. Refiners in the East are able to process the medium to heavy sour crude quality exported from the South American country due to its similarities to many Middle East crude oil grades.

But recent data from China showed that imports from Venezuela fell to zero in October, after state-run PetroChina in September said it would suspend the direct purchase of crude oil from Venezuela in accordance with US sanctions on PDVSA.

Venezuela had been the 10th largest crude supplier to China over January-October. The last time when there were no shipments to China from Venezuela was in October 2010.

Meanwhile, the Brent/Dubai Exchange Futures for Swaps or EFS spread was little moved on the news in mid-morning trade in Asia Wednesday. The January EFS ticked down to be pegged at $3.22/b at 11 am Wednesday after being assessed at $3.25/b at the Asian close Tuesday.

-- Eesha Muneeb, eesha.muneeb@spglobal.com

-- Edited by Wendy Wells, wendy.wells@spglobal.com