SINGAPORE: The Asia-Pacific crude market remained under pressure on Tuesday due to excess supply as sellers held onto their unsold cargoes from the previous month.
"The July regional market is weak because of the overhang," said a trader.
Still, a narrowing of July Brent's premium to Dubai swaps may support spot differentials for regional grades, the trader added.
Brent-Dubai Exchange of Futures for Swaps (EFS) was $3.15 a barrel on Tuesday, 7 cents narrower than the previous session.
For condensate, Shell sold its June-loading North West Shelf (NWS) cargo to Unipec and bought a cargo from Petronas, traders said. It was unclear if BP has sold its June cargo.
July-loading NWS supplies will return to the normal four cargoes, up one from the previous month, as maintenance ends.
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