SINGAPORE: First deals for regional grades that are emerging point to higher premiums in the current trade cycle for August-loading crude, in line with market expectations that firm refining margins could support prices.
Overall Singapore refining margins to Dubai crude, which is seen as the de facto Asian benchmark, rose above $7 per barrel on June 15, the first since late April.
VIETNAM
CHIM SAO: A PV Oil tender offering two 300,000-barrel cargoes of the Vietnamese grade for August loading is likely to get awarded at a low-$3.00 per barrel premium to dated Brent, a source with direct knowledge of the tender said on Thursday. Official tender awards are only due to be announced on June 16, when the validity of bids expires. The August-loading premium is significantly higher than month-ago levels when the Vietnamese state-marketer sold both its July-loading cargoes at premiums around $2.30-$2.40 per barrel to the benchmark.
MALAYSIA
CAKERAWALA CONDENSATE: Petronas is offering 330,000-barrels of Cakerawala condensate for August 10-19 loading in a tender that closes on June 19. August Cakerawala supplies are steady from July, when a cargo of the grade was sold at a high-$2.00 per barrel premium to dated Brent last month.
MUDA CONDENSATE: Petronas is also offering 300,000-barrels of Muda condensate for August 24-30 loading in a separate tender that closes on June 19. In comparison, a 250,000-barrel cargo of the grade for loading in July was sold at a high-$1.00 per barrel premium to dated Brent last month.
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