SINGAPORE: The Asia-Pacific crude market held steady ahead of trading for August cargoes, which will gain pace next week.
Crude demand in the region is expected to increase slightly in August from the previous month as refiners ramp up purchases after seasonal maintenance, several traders said.
Still, poor refining margins are likely to weigh on appetite, putting pressure on differentials, while crude supply in the region is expected to be largely steady from July, they said.
"Even if refiners cut runs, overall demand should be more or less stable," said a Singapore-based trader.
Differentials continued to be weighed by Brent's widening premium to Dubai swaps. The Brent-Dubai Exchange of Futures for Swaps (EFS) widened 7 cents on Thursday to $4.70 per barrel.
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