USO•CPC Blend differentials weakened after Vitol sold BP a Suezmax cargo for Nov. 11-15 loading at dated Brent minus $7 per barrel, as high freight and demurrage rates, unstable supply and Black Sea security risks weighed on prices.
Vitol sold BP a Suezmax cargo of CPC Blend for loading on Nov. 11-15 at dated Brent minus $7 per barrel, well below recent estimates. Traders said high freight and demurrage rates, unstable supply and high security risks for ships in the Black Sea weighed on prices, while freight costs had effectively shut down arbitrage shipments outside the region.
