SINGAPORE: Trade for August-loading cargoes has gotten underway with prices for condensates from the region making slight gains from month-ago levels amid keen Indonesian demand and firmer light distillate refining margins.
CONDENSATE
NORTH WEST SHELF (NWS): BHP Billiton sold its August 11-15 cargo of the Australian grade to Glencore at around $1.60-1.70 per barrel above dated Brent, traders said. The August deal level edged higher from a deal for an end-July cargo that was traded at slightly under $1.50 per barrel to dated Brent last month.
DEODORIZED FIELD CONDENSATE: Qatari state-marketer Qatar Petroleum sold a cargo of DFC condensate to Japanese refiner Idemitsu at around $1.70 per barrel premium to Dubai quotes ahead of the firm's monthly condensate sell tender that close on June 13. The deal level was described as an "outlier" by three trading sources as most buyers valued the grade at a premium under $1 per barrel to the benchmark.
INDONESIA
NILE, RABI BLEND: State-controlled Pertamina re-issued an import tender seeking September-December term supplies of Nile or Rabi Blend crude. It is calling for between one and three 600,000-barrel cargoes of the grades in a tender that close on June 16. The firm had earlier awarded a spot tender seeking August-delivery cargoes, choosing to buy two Rabi Blend cargoes from Shell.
TPPI CONDENSATE TENDER: Traders await the results from the import tender that closed on June 13. Offers will be held valid to June 15. Pertamina, which purchases condensate on behalf of the TPPI condensate splitter, bought two cargoes of Australian NWS condensate from BP earlier this month.
VIETNAM
RUBY: Malaysia's Petronas launched a joint tender with Vietnam's PV Oil for a 350,000-barrel cargo of the grade that is due for August 8-15 loading. The tender closes on June 21 and will have validity till June 22. August supplies of the grade are 50,000 barrels more than those offered in July and that were sold at around $1.70 per barrel above dated Brent.
MALAYSIA
*Malaysia's Petronas is set to auction one of its crude grades on the Dubai Mercantile Exchange, according to sources familiar with the matter, making the state-owned company the first to sell a non-Middle East oil on the trading platform.
BRENT-DUBAI EFS
Brent's premium to Dubai swaps was at $0.72 per barrel, up 6 cents for August.
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