SINGAPORE: Asia-Pacific crude market held steady on Wednesday as traders looked ahead to tenders from Vietnam and Malaysia for further price direction.
PV Oil and Petronas will close several tenders on Thursday.
PV Oil offered two 300,000-barrel Bach Ho crude cargoes loading July 6-12 and 20-26. Bids will remain valid till June 2.
Petronas offered 350,000 barrels of Cakerawala condensate loading on July 19-28 and 250,000 barrels of Muda condensate for July 20-26 in separate tenders.
Regional crude cargoes Kutubu, Vincent and Miri have been sold gradually although details on buyers and prices remained sketchy, traders said.
More details emerged for Trafigura's ESPO sales. The European trader sold two ESPO cargoes loading in the first 10 days of July at $2.50-$2.60 a barrel above Dubai quotes to an oil major and to China, traders said.
Rosneft has sold its July 23-27 ESPO cargo at $3.30 a barrel above Dubai quotes likely to Unipec, traders said. The deals could not be independently verified.
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), rose 11 cents to $3.51 a barrel for July.
REFINERY
Police broke up a fuel depot blockade in France and France's hardline CGT union prepared for a strike at a nuclear plant, escalating a standoff over proposed labour laws.
MARKET NEWS
Crude oil output from Exxon Mobil's Cepu block in Indonesia could reach 200,000 barrels per day (bpd), up from 185,000 bpd at present, if the government approves an increase, a company spokesman said on Wednesday.
China may open up its commodities futures markets to overseas and financial investors, the country's securities regulator said, as the world's top consumer of many raw materials seeks to play a larger role in setting global commodities prices.
US oil refiners rushing to secure light crude supply in the Midwest and East Coast have pushed North Dakota's Bakken crude to its strongest level in three years, thanks to major production cuts from Canada to Nigeria.
Mexican state oil giant Pemex has recently ramped up oil shipments to Asia, particularly of Isthmus light crude, because of changes in blends processed by domestic refineries, senior company executives said on Tuesday.
Shell will increase the number of job cuts in 2015 and 2016 by around 20 percent to at least 12,500 as a result of low oil prices and the integration of BG Group.
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