SINGAPORE, July 16 (Reuters) - Demand for Asia-Pacific condensate has picked up after naphtha cracks improved and as a narrower Brent-Dubai spread supported demand for Brent-linked grades, traders said.
The two August-loading North West Shelf (NWS) condensate cargoes have cleared while Woodside has sold its Pluto cargo loading in mid-September, they said. Details on buyers and prices remained sketchy.
Demand from South Korea is expected to be firm as the country has also stopped buying Iranian condensate loading in July and will have to buy more spot cargoes, traders said.
RUSSIA: Russia plans to boost crude oil exports from the ExxonMobil-led XOM.N Sakhalin-1 project to between 260,000 to 266,000 barrels per day (bpd) in the third quarter after major oil producers agreed to lift production at the end of June, industry sources said. exports include 10 to 11 cargoes of Sokol crude to be lifted in July and 12 cargoes scheduled to load in August and September, three sources with knowledge of the matter said. Each cargo is 700,000 barrels.
Sokol crude exports averaged at 215,000 bpd in second quarter, with 9 to 10 cargoes exported each month.
BRENT-DUBAI EFS
*Brent's premium to Dubai swaps DUB-EFS-1M was at $2.57 per barrel, up 17 cents for September.
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 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
REFINERY
China's refinery runs rose in June as state-controlled oil majors boosted output of fuel products, offsetting cuts by teapots which carried out annual repairs and curbed operations due to high crude prices, data showed on Monday. record-breaking gasoil exports have built a surplus of the fuel in Asia, sending the region's gasoil cash differentials to Singapore assessment prices to multi-year lows, with no sign the glut is set to subside through the third quarter. world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent WTCLc1-LCOc1 in just a month, as surging U.S production upends the market. Korea's imports of Iranian oil fell 40.3 percent in June from the same month a year ago to their lowest since January 2015, as the country's buyers slashed purchases ahead of the reimposition of U.S. sanctions targeting Iran. and other leading oil producers may boost oil output further if supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said. at Libya's giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corp (NOC) said. Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike on Monday that has slightly hit oil output after employers did not respond to demands for higher wages and pension benefits. National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corp (NNPC) said on Sunday following a meeting with the Chinese in Abuja. 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