Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade
Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.
Asian refiners face a margin squeeze as their costs of crude and shipping have spiked since Washington earlier this month imposed sweeping new sanctions targeting Russian insurers, tankers and oil producers.
Discounts for Canadian crude exported via the Trans Mountain pipeline (TMX) and delivered to China in April have narrowed $1-$2 a barrel from the previous month, the sources said.
China's Rongsheng Petrochemical, the top buyer of Canadian TMX crude, bought two Access Western Blend (AWB) crude cargoes from TotalEnergies TTEF.PA unit Totsa and another trader at $2-$3 a barrel below June ICE Brent for April delivery, they said, versus deals at about a $4 a barrel discount for March.
The Chinese refiner also bought a Cold Lake cargo from Macquarie at a discount of about $1.70 a barrel to June ICE Brent for April delivery, the sources said.
Another Chinese refiner, Shenghong Petrochemical, also bought a Cold Lake cargo from BP at similar levels, they added.
Similarly, offers for U.S. West Texas Intermediate
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