SINGAPORE: The Asia-Pacific crude market was supported by robust demand from refiners boosting purchases to benefit from strong margins, although ample Malaysian and West African supply may weigh.
India's ONGC sold 700,000 barrels of Sokol crude loading April 5-11 in a tender at $4.15 a barrel above the Oman/Dubai average, traders said.
Last month, ONGC sold Sokol at a premium of $3-$3.20 a barrel, according to Reuters data. Six cargoes of Malaysia's Kimanis grade were due to load in April, a trader said, up by one or two from the previous month. Details on the availability of other Malaysian cargoes in April were still unclear. More shipments of West African crude could also be on their way to Asia, with March-loading cargoes nearly sold out.
"A Brent/Dubai spread of around $1.50 per barrel should also keep interest in Brent-related crudes high despite the availability of deeply discounted Middle Eastern term crude," JBC Energy said in a note.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, widened 23 cents on Monday to $1.75 a barrel.
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