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JLC Price Assessment is aimed at becoming a pricing benchmark for China`s spot bulk

commodity transactions  and provide an objective basis for China to gain pricing

power in the international market.

JLC Crude Price Assessment View “Crude Price Assessment Methodology”
Product City/Province Grade Delivery Date Benchmark Assessment Date Premium DES Price Assessment Unit View
Low High Mid Low High Average
'CFR Shandong Price Assessment for Imported Crude Shandong Ports Espo Not logged in Not logged in Feb 17 Not logged in Not logged in Not logged in Not logged in Not logged in Not logged in USD/bbl
Lula Not logged in Not logged in Feb 17 Not logged in Not logged in Not logged in Not logged in Not logged in Not logged in USD/bbl
Djeno Not logged in Not logged in Feb 17 Not logged in Not logged in Not logged in Not logged in Not logged in Not logged in USD/bbl

Shandong imported crude market weak amid gloomy demand

 

Beijing (JLC), February 17, 2020--The Shandong imported crude market maintained its downtrend on Monday because sustained transportation restrictions as a result of the coronavirus caused noticeable drops in end-user demand, despite users’ resumption.

 

Russian ESPO Blend for April delivery was assessed stable on the day at $2.5/bbl over June ICE Brent futures on a Delivered Ex-ship (DES) Shandong basis. Russian ESPO Blend has issued April cargoes tenders, and traders were waiting for the results.

 

Brazilian Lula crude for April delivery was assessed stable on the day at $2.5/bbl over June ICE Brent futures on a DES Shandong basis. Congo’s Djeno crude for April delivery was assessed at $1.5/bbl over June ICE Brent futures on a DES Shandong basis, down $0.3/bbl from Friday. Oman crude for April delivery was assessed at $0.5/bbl over June ICE Brent futures on a DES Shandong basis, down $0.3/bbl from Friday.

 

A market source said since the premiums of imported crude dropped significantly, most independent refiners started to buy in times of low prices. Although the coronavirus seems under control at present, traders are still sitting on the sideline as the infectious virus may cause further uncertainties in the short term. Therefore, the premiums of imported crude in Shandong ports are expected to remain weak.