SINGAPORE: The Asia-Pacific crude market held steady on Tuesday, though Brent-linked grades were seen under pressure as the benchmark's premium to Dubai crude widened.
The premium for Russian ESPO crude continued to inch higher, traders said. Rosneft may have awarded a tender to sell five cargoes loading in January at higher differentials than cargoes previously sold for that month, they said.
January cargoes had fetched premiums of $2.05-$2.25 a barrel against Dubai quotes in the last tender. The result of the Rosneft tender could not be confirmed.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, widened 26 cents to $2.05 a barrel.
MARKET NEWS
Offshore drillers globally are increasingly considering "warm stacking" their rigs to take them temporarily off the market, as they gear up for a slowdown in the hunt for oil with crude prices sliding to five-year lows.
Indonesia's new administration plans a major expansion of oil storage and will construct more refineries as part of sweeping energy reforms that will also help in cracking down on any corruption in the state oil trader.
Monthly oil output in Russia rose in November month-on-month to 10.63 million barrels per day (bpd), equalling the post-Soviet high, Energy Ministry data published on Tuesday showed.
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