SINGAPORE: The Asia-Pacific crude market weakened slightly on Wednesday as premiums for Russia's ESPO crude fell on slack demand from refiners struggling with low margins.
Russia's Surgut sold two cargoes of ESPO crude loading July 13-17 and July 21-25 in a tender to Japan's JX Nippon at $5.40-$5.45 per barrel above Dubai quotes, traders said.
JX Nippon last week bought two cargoes of the crude at a premium of $5.50 per barrel, according to Reuters data.
Surgut also sold one cargo loading July 14-18 at a premium slightly above $5 per barrel, the traders said.
Russia will export 21 cargoes of ESPO crude from Kozmino in July, including two cross-month cargoes, a preliminary loading programme showed.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, narrowed 8 cents to $4.70 per barrel.
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