SINGAPORE: A string of sell tenders for September-loading regional crude surfaced late in the Asia-Pacific monthly trade cycle.
A total of 1.77 million barrels of crude from Indonesia, Malaysia and Vietnam are being offered via five tenders.
The late offers, coupled with regional import tenders that were issued and awarded earlier this month, could cap end users' bids for the cargoes on offer.
Trading firms could vie for these cargoes as tankers chartered for floating storage purposes are likely to require replenishing with new cargoes, a trading source said.
VIETNAM
THANG LONG: State-marketer PV Oil is offering 250,000 barrels of the Vietnamese grade for loading Sept. 1-5. The tender closes on July 26 and will have validity to Aug. 2. No Thang Long crude was offered for loading in August. An end-July cargo of the grade was done at around 60 cents above dated Brent in May.
MALAYSIA/VIETNAM
BUNGA ORKID: PV Oil is offering 300,000 barrels of Bunga Orkid for Sept. 17-23 loading in a tender that closes on July 27. Bids will be held valid to Aug. 5.
BUNGA KEKWA: PV Oil is also offering 300,000 barrels of Bunga Kekwa for Sept. 24-30 loading in a separate tender that closes on July 27. Bids will also be held valid to Aug. 5. State-owned Petronas is also offering 300,000 barrels of the grade for loading over Sept. 10-16 in a tender that closes on July 26, with validity to July 27.
It is uncommon for three cargoes of the two grades to be offered in the same month. Two Bunga Orkid and a Bunga Kekwa cargo for loading in April were last offered in February.
An August-loading Bunga Orkid cargo was traded at around $2.70-2.80 per barrel to dated Brent last month. No Bunga Kekwa was available in August.
INDONESIA
BANYU URIP: ExxonMobil is offering supplies of the Indonesian grade for loading over Sept. 3-12 via a tender that closes on July 26. The oil major is offering either 620,000
barrels of Banyu Urip on a free-on-board basis or 320,000 barrels on a delivered basis to Singapore, Malaysia or Thailand.
The oil major sold an Aug. 26-28 Banyu Urip cargo to Thailand's PTT at a premium around $3 per barrel to dated Brent last month.
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