SINGAPORE: The Asia-Pacific crude market held steady on Thursday as Malaysia sold June condensate cargoes at slightly higher premiums amid some tightness in supply, though the market was winding down and pressured by slumping margins, traders said.
Malaysia's Petronas sold a cargo each of Muda and Cakerawala condensate for June at slightly higher premiums, said two traders that follow the regional market, an increase attributed to less condensate availability during the month.
"Condensate avails weren't that high for June and that might be why you saw higher attention paid to them than for regional crude," said a Singapore-based trader for a regional trading company.
Thai refiner PTT was heard to have purchased a 600,000 barrel cargo of Malaysia's Kimanis crude in a tender that closed last Friday at a premium of about $3 a barrel to dated Brent, said two traders that follow the market. The seller was not identified and PTT was not available to confirm the purchase because of a public holiday in Thailand.
Brent's premium to Dubai swaps, or the Brent-Dubai Exchange of Futures for Swaps (EFS), widened to $3.17 a barrel on Thursday from $3.03 the day before.
TRADES/TENDERS
Malaysia's Petronas sold a 300,000 barrel cargo of Muda condensate at premium of about $2.50 a barrel to dated Brent to SK Energy for loading over June 19-25. The company also sold 350,000 barrels of Cakerawala condensate at a premium above $2.75 to dated Brent to PTT for June 11-20 loading.
MARKET NEWS
Oil loadings from the Russian Pacific port of Kozmino resumed on Thursday after they were suspended on May 2 because of a storm, oil pipeline monopoly Transneft said. But the wind around Kozmino is expected to strengthen by the evening, a spokesman for Transneft said.
Libya's crippled oil production appeared at risk of further decline on Wednesday after an escalating stand-off between rival eastern and western political factions prevented a cargo belonging to trading giant Glencore from loading.
A Tripoli oil official warned the country's oil output could fall by 120,000 barrels-per-day (bpd) if the Benghazi-based National Oil Corporation (NOC), set up by the eastern government, continues to block tankers loading for Tripoli from the eastern Marsa el-Hariga port.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Comments
Comments are closed for this article.