Singapore—The differential for Indonesian Minas crude to June ICE Brent futures rose to a near one-year high Wednesday, benefiting from strong buying interest during the Platts Market on Close assessment process as expectations of a pick-up in power consumption in Japan offered some support. The medium sweet crude, also known as Sumatran Light, was assessed at $58.36/ barrel, representing a discount of $1.98/b to June ICE Brent futures, up from $57.04/b and a discount of $2.49/b Tuesday. The differential was last higher on June 23 last year, when it was assessed at minus $1.63/b. Minas, which has a gravity of 35.3 API and 0.09% sulfur content, is typically used as a direct-burning crude by Japanese utilities for thermal power generation.
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