Morgan buys 13m barrels of jet fuel via supply deals
Wall Street bank Morgan Stanley has purchased 13 million barrels of jet fuel via supply deals from North Asian refiners for 2010 and more than doubled its fuel storage capacity in Asia, traders said.
Morgan was expected to move most of the fuel from these deals into the United States.
It was not clear at what price the deals with South Korea's S-Oil Corp and Hyundai Oilbank were concluded, traders said.
Still, traders pegged in a range of 50-70 cents below Singapore spot quotes, on a free-on-board (FOB) basis, in line with recent concluded trades.
Under the supply contracts, the bank is seen taking two Medium-Range (MR) jet cargoes – of about 297,600 barrels each, per month from S-Oil and at least one similar sized cargo per month from Hyundai Oilbank.
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