SINGAPORE: Middle East crude benchmark Dubai stayed firm on Tuesday as purchases on window mainly by Shell supported prices, while Oman's premium eased.
Iraq's SOMO awarded its third Basra Light crude tender to Unipec at 30 cents a barrel above its official selling price (OSP), traders said. The 1-million barrel cargo to load on June 25-27 does not have a fixed destination, they said.
RUSSIA: Rosneft sold two of three ESPO crude cargoes to ChemChina at $4.65-$4.70 a barrel above Dubai quotes, traders said.
The producer re-issued a tender to sell the third cargo that will load on July 10-15. The tender will close on Tuesday with bids valid until Friday.
ARBITRAGE: Petrobras is shipping crude during June and July for storage in China to more quickly respond to demand from the country's independent refiners, two sources with knowledge of the matter said.
Petrobras inked an agreement with Qingdao Port International Co in December to lease storage tanks at its joint venture Qingdao Shihua Crude Oil Terminal Co that can hold about 2 million barrels of oil, according to the sources and media reports at the time.
To fill those tanks, Petrobras has chartered the very large crude carrier (VLCC) Maran Cleo which is scheduled to arrive at Qingdao in Shandong on June 24.
The VLCC contains 2 million barrels of Lula crude, part of which has been sold while the rest will go into storage, one of the sources said.
The producer has another VLCC that will arrive between July 10 and 15 at Qingdao that contains about 1 million barrels of Buizos crude for storage, he added.
WINDOW: Cash Dubai's premium to swaps edged up 3 cents to $2.27 a barrel.
Chinaoil and Vitol will deliver an Upper Zakum cargo each to Shell. This brings Shell's total purchase on Platts window this month to 13 Upper Zakum cargoes and one Murban cargo.
Separately, Shell bid for an August-loading Murban cargo at 35 cents a barrel above its OSP versus an offer from Total at a premium of 45 cents a barrel.
BP bid for a July-loading Upper Zakum cargo at 50 cents a barrel above its OSP, while Exxon Mobil's offer was at a premium of 65 cents.
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