Singapore — Australia’s BHP Group Plc has sold a cargo of December-loading Pyrenees crude at a record-high premium of above $16 a barrel to dated Brent via a spot tender, two trade sources said on Friday
* The loading date for the 550,000-barrel cargo is Dec. 17-21
* The buyer of the cargo was not immediately known
* Pyrenees is a low-sulphur, or sweet, heavy Australian crude. It is being sold at high premiums because of strong demand from traders who are buying the grade for blending into marine fuels that meet new low-sulphur ship fuel rules starting in January 2020
* Spot premiums for December-loading regional crude cargoes have shot up as Asian buyers snapped up short-haul supplies after freight rates jumped
* Prior to this, Pyrenees crude traded at premiums of about $13-$14 a barrel to dated Brent, traders said
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– Reuters
