First U.S. condensate cargo up for sale in Asia as ban eases

A U.S. energy company launched a broad effort this week to find buyers for the first ever U.S. exports of condensate, an ultra-light oil, signaling the start of what could be a growing trade as demand grows worldwide.One week after U.S. authorities confirmed a ruling easing a 40-year ban on shipping lightly processed oil abroad, Enterprise Product Partners has sold its first cargo to a Japanese trading house and was seeking more buyers in Latin America, according to trading sources.Two Singapore-based sources said Japanese trading house Mitsui & Co Ltd had bought a 400,000-barrel cargo of U.S. condensate that is expected to be loaded and sent to Asia later this month or in early August. The firm was marketing that cargo to refiners, they said.”A lot of traders are asking us about it and telling us they’re trying to get more cargoes from Enterprise, especially this week and next week,” one of the trading sources said. “So far, I didn’t hear any end users in Asia bought.” A Mitsui spokesman in Tokyo declined to comment. Enterprise was not immediately available for comment.One trader at a major global oil company said Enterprise had offered to sell it condensate for export and asked about making potential sales to Latin America.

via Exclusive: First U.S. condensate cargo up for sale in Asia as ban eases | Reuters.

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