SINGAPORE: The Asia-Pacific sweet crude market remained steady on Wednesday, with more offers seen from Malaysia, trade sources said.
MALAYSIA
Malaysia's Petronas has offered 300,000 barrels of Penara Blend crude oil for loading over May 24-30, traders said.
The tender closes on March 28 and is valid until March 29.
The crude is similar to Tapis crude but is slightly lighter in density.
Petronas offers the Penara Blend crude cargo a few times a year, a trader said.
BRUNEI
Brunei has cut the official selling price of its Seria Light and Champion crude grades for loading in February to $67.99 a barrel, trade sources said.
It last set its January OSP at $72.13 a barrel, they added.
BRENT-DUBAI EFS
Brent's premium to Dubai swaps was at $3.96 per barrel on Wednesday, up 4 cents for May.
NEWS
Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years.
Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering a deal to greatly extend a short-term alliance on oil curbs that began in January 2017 after a crash in crude prices.
Shanghai crude oil futures were sharply lower on Wednesday, the third day of trading since their launch, after heavy institutional selling overnight as investors followed cues from the dominant international US and European markets.
Japanese power companies consumed 5.20 million tonnes of liquefied natural gas (LNG) for power generation in December, up 7.7 percent from a year ago, reflecting a rise in power demand, preliminary electricity data from the Ministry of Economy, Trade and Industry showed.
Malaysia's largest oil and gas services company Sapura Energy Bhd on Wednesday reported a fourth quarter net loss, due to asset impairments and lower revenue from its engineering and construction and drilling segments.
For crude prices, oil product cracks and refining margins, please click on the RICs below.
Comments
Comments are closed for this article.