Exports of Australia's North West Shelf (NWS) condensate are expected to fall to three cargoes of 650,000 bl each in December compared with four cargoes in November, according to the preliminary loading programme.
Japan's MiMi (Mitsui-Mitsubishi) will load the first NWS condensate cargo on 7-11 December, while Australian independent Woodside and UK-Australian resources firm BHP will load one cargo each on 17-21 and 27-31 December, respectively.
NWS condensate traded at firmer prices for November loading in response to higher naphtha margins. Producers BHP, Chevron and BP sold their November-loading NWS cargoes at discounts of $1.50-2.50/bl to North Sea Dated, compared with discounts of $3.50-6/bl to Dated for October-loading cargoes. Shell has also just sold its November-loading NWS condensate cargo, but further details are unclear.
Other Asia-Pacific condensates and ultra-light crudes also traded at firmer prices for November. Australian Ichthys condensate for November loading was sold at 80¢-$1.50/bl discounts to Dated, up from October-loading cargoes that were sold at $1.80-1.90/bl discounts to Dated. November-loading Papua New Guinea ultra-light sweet Kutubu Light crude traded at a discount of $2-2.50/bl to Dated, up from October-loading volumes that were sold at discounts of $3-4/bl.