Gunvor to Ship North Sea Crude to Asia After Bull Play Wraps Up.

Gunvor Group, a major trading house, will be sending a supertanker loaded with North Sea Forties crude to Asia after participating in a month-long bull play. The trading house chartered the vessel, C. Spirit, to load the crude on July 15 and sail to Asia. Gunvor and Trafigura Group, two of the world's largest oil traders, heavily bid for crude grades during a pricing window organized by S&P Global Commodity Insights, causing prices to surge. However, the bull play was short-lived as an influx of WTI Midland cargoes from the US alleviated the upward pressure. Gunvor and Trafigura purchased a total of 7 million barrels of oil during a 10-day period in June, with Gunvor holding 25 cargoes totaling 17.5 million barrels. The majority of their holdings are WTI Midland, with the rest being North Sea grades. [Extracted from the article]

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