SINGAPORE: The Asia-Pacific crude market held steady, supported by high freight rates while lighter grades were boosted by strong naphtha cracks.
Spot differentials for Malaysia's Kimanis grade held steady, after Petroleum Brunei sold a January cargo of the grade to Shell at $4.10-$4.20 a barrel above dated Brent, traders said.
The price was in line with a deal done earlier this month by Petronas, but higher than last month, according to Thomson Reuters data. The deal could not be independently verified.
Chinese refinery demand supported Russian ESPO crude. Rosneft sold two cargoes loading Jan 10-15 and Jan 21-26 to ChemChina in a tender at $2.80-$2.90 a barrel above Dubai quotes, traders said.
Surgut earlier sold two cargoes for loading in early January at $2.50-$2.70, Reuters data showed.
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), held at a 16-month high of $2.80 a barrel.
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China has given preliminary approval to independent refiner Shandong Haiyou Petrochemical Group Co Ltd for an annual quota of 3.2 million tonnes, or 64,000 barrels per day, of imported crude oil, the country's oil industry association said on Wednesday.
Chinese state-run oil and chemicals trader Sinochem has won approval to export refined fuel products, as Beijing moves to ease a domestic fuel glut and boost investment, two people with direct knowledge of the matter said on Wednesday.
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