ONGC Sells June-Loading Russian Sokol Oil At Highest Premium In 4 Months

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(ET)

Indian explorer ONGC Videsh has sold a third Russian Sokol crude cargo for June loading via a tender, two trade sources said on Wednesday.  ONGC sold the 700,000-barrel cargo loading on June 20-26 to Shell at a premium of about $4.30 a barrel to Dubai quotes, the highest premium in four months, they said, up from earlier deals at premiums of $3.50-$3.70 a barrel. A jump in Brent’s premium to Dubai quotes and robust demand in Asia are supporting spot differentials for Middle East and Russian crude.

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