SINGAPORE: Trade in Kimanis crude remains thin as no deals for June-loading cargoes of the grade have yet to be done despite the market being at the tail-end of the trade cycle, trading sources said on Tuesday.
Demand for the grade remains tepid as regional refiners are faced with many feedstock options as the Asia-Pacific region attracts arbitrage supplies from the Mediterranean and United States.
MALAYSIA - KIMANIS: Petroleum Brunei's June 4-8 Kimanis cargo remains on offer after it failed to sell the cargo in a closed tender last week, three trading sources said.
Buyers continue to value the grade at a premium under $2 per barrel to dated Brent while sellers are looking to sell the cargo above $2 per barrel to the benchmark.
MALAYSIA - LABUAN: State-owned Petronas sold a June-loading cargo of Labuan at about $2.60 per barrel to dated Brent. The cargo was likely bought by a major, but this could not be confirmed. June premiums of key Malaysian flagship crude grades are seen weaker than May-loading supplies when a Miri Light cargo was done around $3.40 above dated Brent last month.
MALAYSIA - BERTAM: Petronas awarded its sell tender for a June 8-12 300,000-barrel cargo of the grade to a regional trading firm at a premium around $2 per barrel to dated Brent. May-loading Bertam crude was sold at a low-$2.00 premium to dated Brent last month.
AUSTRALIA - HEAVY SWEET CRUDE: BHP Billiton sold its early-June Pyrenees crude cargo to a Chinese buyer at a premium between $1.60-1.80 per barrel to dated Brent, three trading sources said. June premiums for the grade are seen steady form last month when Inpex sold a cargo at around $1.70 per barrel above the benchmark.
Woodside has also sold its June 20-24 Vincent cargo at around $1.20-1.50 per barrel to dated Brent, two traders said. Details on the buyer remain unclear.
BRENT-DUBAI EFS: Brent's premium to Dubai swaps <DUB-EFS-1M> was at $0.61 per barrel, down 4 cents for June.
REFINERY
SK innovation, which owns South Korea's top refiner SK Energy, said on Tuesday it expects strong demand for gasoline to support refining margins in the current April to June quarter.
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