SINGAPORE: August-loading regional supplies are eyed higher due to record high exports of Malaysia's Kimanis crude and as availabilities of Australian heavy sweet grades rise from July.
Despite the higher supplies, refiners and traders said they expected August premiums to hold steady from July due to firm refining margins.
Overall, Singapore refining margins have averaged $6.23 per barrel to Dubai crude so far this month, above the May average of $6.03 per barrel to Dubai crude.
August premiums are seen stable with not much downside, an official from a Southeast Asian refiner said. "If cracks are stronger, regional values might be stronger," he added.
KIMANIS CRUDE
A record 12 cargoes of Malaysian Kimanis crude will load in August, trade sources with direct knowledge of the grade's loading programme said on Tuesday.
August supplies are one more than in July.
July-loading cargoes mainly traded at low-$2.00 per barrel premiums to dated Brent, trading sources said.
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