SINGAPORE: Premiums for regional condensate strengthened after a December-loading Australian North West Shelf (NWS) condensate traded at higher premiums than November cargoes as rising light distillate refining margins underpinned sentiment.
Chevron sold its December 6-10 NWS condensate cargo to BP at around 50 cents per barrel above dated Brent, although the deal level could not be directly confirmed.
November-loading NWS condensate traded between parity and 40 cents a barrel premium to dated Brent last month.
Greater clarity on December-loading Malaysian crude prices are due to emerge later this week after Petronas closed its tender to sell 600,000 barrels of Kikeh crude on Wednesday.
Petroleum Brunei is also offering 600,000 barrels of Malaysian Kimanis crude for December 5-9 loading via a tender that closes on October 21.
Bids entered will be held valid to October 25.
On the Australian heavy sweet crude market, Mitsui sold its 550,000-barrel December 8-12 Vincent cargo to an end user at around $2 per barrel premium to dated Brent, up by around 50 cents a barrel from November trades.
Regional premiums for December-loading heavy sweet grades were expected to rise because of firmer fuel oil refining margins and tighter December supplies of Australian heavy sweet grades.
Taiwanese state-owned refiner CPC closed its tender seeking sweet crude for December loading or January delivery today. Bids entered will be held valid to October 21.
The refiner shortlisted West African and regional crude like Brunei Champion, Vietnamese Bach Ho and Australian Enfield among other grades.
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), was at $2.75 per barrel, down 1 cent for December.
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