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Asia-Pacific Crude-Remains firm as traders await Dec programme

Published 02/10/2018, 09:26 pm
Updated 02/10/2018, 09:30 pm
© Reuters.  Asia-Pacific Crude-Remains firm as traders await Dec programme
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SINGAPORE, Oct 2 (Reuters) - The Asia-Pacific crude oil market remained steady on Tuesday with most of the trades for November done, industry sources said.

RUSSIA

* Russia's Surgutneftegaz awarded 600,000 tonnes of November ESPO Blend ESPO-DUB on Friday at premiums of $5.90-6.50 a barrel to November Dubai swaps, traders said on Monday.

* Surgutneftegaz awarded six cargoes loading from Kozmino port on November 8-12, 12-16, 14-18, 18-22, 23-27 and 25-29.

* According to trading sources, the first three cargoes were sold at premiums from $6 to $6.50 and the last three were sold at premiums of $5.90-6 a barrel.

* China's Unipec and Chemchina were named among the buyers, but the details were slow to emerge.

* Premiums for ESPO could be trading at higher levels in the resale market, two traders said, though this could not immediately be confirmed.

BRENT-DUBAI EFS

* Brent's premium to Dubai swaps DUB-EFS-1M was at $3.54 per barrel for December.

NEWS

* With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law. A massive liquefied natural gas (LNG) export project in Canada has been given the final go-ahead by project partners, LNG Canada said on Tuesday, making it the first major new project for the fuel to win approval in recent years. Russian oil output reached 11.36 million barrels per day (bpd) in September, a post-Soviet high helped by higher production from Rosneft and foreign-led projects, Energy Ministry data showed on Tuesday. U.S. East Coast oil refiners are ramping up rail deliveries of crude from Western Canada, grabbing stranded barrels that full pipelines have driven to a record discount. Vietnam's top fuel importer and distributor Petrolimex proposes to halt a nearly $5 billion petrochemical project, jointly developed by Japan's JXTG Holdings, to "focus resources on executing other projects", a document reviewed by Reuters showed on Tuesday. U.S. crude and gasoline stockpiles were forecast to have risen last week, while distillate inventories declined, a preliminary Reuters poll showed on Monday. Five analysts polled ahead of reports from the American Petroleum Institute (API), an industry group, and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks rose about 1.1 million barrels in the week ended Sept. 28.

For 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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