SINGAPORE: Oil sellers are looking for alternative buyers in Asia for prompt cargoes as Chinese demand dries up because of the coronavirus and some customers ask to defer purchases.
The offers are another sign of the impact the deadly virus is having on commodity trade flows, as measures to contain the epidemic weigh on economic activity, travel and energy consumption. That’s leaving vendors having to quickly find alternative customers while others may simply be looking to offload as much as they can now, according to the traders, who asked not to be identified because they’re not authorised to speak publicly.
The Asian oil traders said Espo was being offered at about US$5 a barrel or more above the Dubai oil benchmark price. However, the short distance from Kozmino port in eastern Russia to China could be a disadvantage in this case as sellers may find their cargoes stranded and distressed if a buyer isn’t found soon after loading.India is shaping up as a potential bright spot, however, as the nation’s refiners are more geared toward domestic consumption and less exposed to wider demand trends.
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