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Asia-Pacific Crude- Narrower Brent-Dubai spread, Indonesia demand provide support

Published 17/07/2018, 08:34 pm
© Reuters.  Asia-Pacific Crude- Narrower Brent-Dubai spread, Indonesia demand provide support
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SINGAPORE, July 17 (Reuters) - The Asia-Pacific crude market held steady on Tuesday, supported by a narrower Brent-Dubai spread and condensate demand from Indonesia.

Indonesia's Pertamina has issued a tender seeking spot condensate cargoes for delivery in September after skipping purchases in the previous month, according to a tender document reviewed by Reuters.

Pertamina's return could help shore up values for condensate produced in the Asia-Pacific after Australia's North West Shelf (NWS) condensate traded at the widest discount in nearly two years, two traders said.

The refiner is seeking three cargoes for delivery to its condensate splitter in Tuban.

These include a 650,000-barrel cargo for delivery on Sept. 1 to 3, 200,000-300,000-barrel cargo for Sept. 8 to 10 and 650,000-barrel cargo on Sept. 13 to 15.

The tender will close on July 18 with bids valid until July 20.

BRENT-DUBAI EFS

*Brent's premium to Dubai swaps DUB-EFS-1M was at $2.19 per barrel, the narrowest in more than nine months, which will support demand for Brent-linked grades.

TENDERS COUNTRY/COMPANY GRADE

VOL

CLOSE (VALID)

LOADING DATE VIETNAM/PV OIL s:Thang Long 250KB

July 18 (July 26)

Sept 4-8 VIETNAM/PV OIL s:Ruby

350KB

July 18 (July 26)

Sept 3-10 **RUSSIA/EXXON s:Sokol

1-2*700KB July 20

Aug 30, Sept 7

or 17 or 25 **INDONESIA/PER b:sweet

3*950KB

July 18 (July 20)

Sept 1-3 CFR TAMINA

Cilacap, Sept

8-9 & 16-17

CFR Balikpapan **INDONESIA/PER b:condensate 650KB

July 18 (July 20)

Sept 1-3 TAMINA

200-300KB

Sept 8-10

650KB

Sept 13-15 VIETNAM/PV OIL s:Chim Sao

2*300KB

July 13 (July 20)

Sept 6-10,

Sept 20-24 **RUSSIA/ONGC

s:Sokol

700KB

July 18 (July 19)

Sept 8-14

MOVES: Strong Petroleum Singapore has hired senior crude oil trader Tina Kuang as its managing director, a spokesman from the oil trading company said on Tuesday. who joined the company on Monday, will be trading physical crude across the board, tapping on her past experience in Equinor and Sinochem Corp selling crude to China and South Korea, he said.

REFINERY

Japan's Cosmo Oil Co 5021.T says it shut the 100,000 barrel-per-day (bpd) sole crude distillation unit (CDU) at Sakai refinery in western Japan due to an unspecified problem. United States in certain cases will consider waivers for countries that need more time to wind down imports of oil from Iran as it seeks to avoid disrupting global oil markets while reimposing sanctions against Tehran, U.S. Treasury Secretary Steven Mnuchin said. oil output from seven major shale formations is expected to rise by 143,000 barrels a day to a record 7.47 million barrels per day in August, the U.S. Energy Information Administration said in a monthly report on Monday. $1.1 billion U.S. shale pipeline on Monday was denied an exclusion to the Trump administration's tariff on imported steel, the first such ruling on a major energy project since the tariff went into effect. oil minister told his Saudi Arabian counterpart that last month's OPEC supply pact does not give member countries the right to raise oil production above their targets, according to a letter reported by Iran's news agency Shana. strike by Norwegian offshore oil and gas workers accelerated on Monday when hundreds more walked out in a dispute over pay and pensions after employers failed to respond to union demands for a new offer. Sachs expects volatile oil prices in the short-term on the back of uncertainty over possible disruptions to supply, with benchmark Brent crude in a $70-80 per barrel range. crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GOSGCKMc1

Naphtha crack

NAFOBSGCKMc1

Complex refining margins REF/MARGIN1

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