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SINGAPORE: The Asia-Pacific crude market remained weighed down by ample supplies on Monday after Thailand's PTT purchased more oil from the West than from within the region in its monthly tender.
PTT bought 1 million barrels of Azeri Light, likely from Socar, and an unknown volume of Hai Thach crude from Gunvor, a trader said, although this could not be independently verified. The cargoes are to be delivered to Thailand on May 25-June 10.
For Russian crude, Tenergy has sold its two remaining cargoes loading in late May within the range of premiums for earlier deals.
The producer sold a May 24-27 cargo, likely to Toyota, at $2.80-$2.90 a barrel above Dubai quotes, traders said. A cargo loading on May 28-31 was sold to Sinochem at a premium of about $3.50 a barrel, they said.
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), for June narrowed 9 cents to $3.06 a barrel.
*MARKET NEWS
One of the most popular plays in the oil market could be stymied should Britain vote to leave the European Union in June, which would force South Korea, a major buyer of North Sea oil, to rejig a long-standing trade agreement for crude imports.
Libya's National Oil Corporation said on Saturday it was working with the UN-backed unity government, which arrived in Tripoli this week, to coordinate future oil sales and "put a period of divisions and rivalry behind us".
China's dominant state oil firms were forced to make rare cuts in refinery throughput in the first two months of this year versus a year ago, as independent oil processors ramped up production and boosted fuel sales, industry officials said.
Chevron's massive Gorgon liquefied natural gas (LNG) facility in Australia has hit technical difficulties, a spokesman said on Monday, resulting in a temporary suspension of exports less than a month after it started first production.
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