While Asian refining margins have improved from last month , demand from typical buyers of regional sweet crude in Southeast Asia and Australia has been hit by scheduled maintenance or shutdowns of refineries.
Spot premiums for Vietnam's Chim Sao and Bach Ho grades fell more than $1 a barrel from the previous month, traders said, although the exact price levels could not be confirmed.
PV Oil sold 600,000 barrels of Bach Ho loading July 16-22 to Bright Oil at less than $0.50 a barrel above dated Brent, according to traders.
Spot premiums for Russia's Sokol grade fell some 50 cents per barrel after Rosneft sold two cargoes loading June 28-July 3 and July 4-9 at about $3.50 a barrel above Dubai quotes, according to traders.
In a previous tender by Rosneft, two Sokol cargoes loading in the second half of July had fetched a premium of $4-$4.20 a barrel.
The condensate market also came under pressure after South Korea's SK Energy said it had bought two 450,000 barrel cargoes of U.S. condensate, one each in June and July.
None of the two cargoes of Australia's Northwest Shelf condensate (NWS) due to load in July had been sold by Mitsui and Woodside, traders said.
The market had turned bearish after ConocoPhillips earlier in the trading cycle sold a July-loading cargo of Bayu Undan condensate at $1.10-$1.40 a barrel below dated Brent, slightly stronger than last month, according to traders.
In a tender that closed last week, Petronas sold 300,000 barrels of Muda condensate at a premium of more than $2 a barrel against dated Brent, traders said.
India's MRPL is seeking 600,000 barrels of sweet crude for loading in the first half of July in a tender that closes June 3 with bids valid until June 5.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, narrowed 15 cents to $1.98 a barrel.
REFINERY
Japanese oil refiner Fuji Oil Co Ltd expects to shut its 143,000-barrels-per-day sole crude distillation unit (CDU) at Sodegaura refinery, east of Tokyo, on Friday, in line with schedule, a spokesman said on Thursday.
MARKET NEWS
Indonesia's Pertamina has signed a memorandum of understanding (MoU) with state port firm Pelindo II and shipping firm ASDP to build a fuel import terminal in Jakarta, State Owned Enterprise Minister Rini Soemarno said on Thursday.