SINGAPORE: Asia-Pacific crude prices held steady on Monday as Thailand bought regional grades in a tender, reducing surplus in the market.
PTT bought 1.2 million barrels of light sweet crude for March 1-5 arrival. The purchase includes a 600,000-barrel North West Shelf (NWS) condensate cargo and other grades from Vietnam and Malaysia. Prices were not immediately available.
The market is under pressure from a rise in Malaysian crude supply and lacklustre demand from China, although high freight costs have prevented more African barrels from heading east.
"Price levels at this moment are steady," a North Asian crude buyer said. "I will not be surprised if March tenders close at the same levels as in February."
A narrowing of Brent's premium against Dubai could continue to curb the flow of Atlantic Basin grades to Asia. Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, fell 21 cents to $1.73 a barrel for February. March EFS was at $1.68, down 18 cents.
LOADING PROGRAMME
Four NWS condensate cargoes are available for loading in March. Mitsui will market the cargo loading on March 5-9 followed by Chevron for March 11-15, Woodside on March 20-25 and BHP for the March 28-April 1 cargo.
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