RTRS:Asia-Pacific Crude-Resales may lead market down
SINGAPORE, Sept 19 (Reuters) - Speculation that a softer
Asia-Pacific crude market would encourage traders to resell
November-loading cargoes led some refiners to hold back on
purchases after an accelerated start of the trading month last
week.
A cargo of Russian Sokol crude was heard to have been
resold, although this could not be confirmed. Traders said the
value of the grade was still in line with the latest known
tender deals, when Rosneft sold November-loading cargoes at a
premium of between $8.50 and $8.90 a barrel to Dubai quotes.
Expectations of a weakening market also drew the first sings
of interest among some buyers.
* TENDERS
- Petral, the trading unit of Indonesian state-run energy
firm Pertamina, is seeking light sweet crude for delivery in
November in a second tender after skipping purchases in a
previous one last week, a trading source said on Monday.
- The company is seeking a 600,000-barrel cargo for arrival
in November. The tender closes on Sept. 20 and remains valid
until Sept. 21, the source said.
* OSPs
- Malaysia's state oil firm Petronas raised the Tapis crude
price alpha factor for September liftings to $6.25 per barrel,
up by 35 cents from $5.90 for August.
* EAST-WEST
- The Brent/Dubai Exchange of Futures for Swaps (EFS) for
November fell 15 cents to $5 a barrel at 0830 GMT, Reuters data
showed. The front-month EFS on June 15 touched $9.20, the
highest intraday value since the spread reached a record of
almost $12 in October 2004.
* MARKET NEWS
- Gulf OPEC producers that raised oil output to compensate
for the shutdown of Libyan oilfields will certainly reduce
production as Libya's output recovers, OPEC Secretary General
Abdullah al-Badri said on Monday.
- Leading oil exporter Saudi Arabia produced 9.606 million
barrels a day (bpd) of crude in July, 207,000 bpd less than in
June, according to the latest official data published by the
Joint Data Initiative (JODI).
- The International Energy Agency (IEA) has assured oil
exporters' group OPEC that it will not repeat June's oil stocks
release by consuming countries of the OECD, OPEC's Secretary
General said on Monday.
- Angola is scheduled to export 1.81 million barrels per day
(bpd) of crude oil in November, up from October, as a new
oilfield helps to boost supplies, a provisional loading schedule
showed on Monday.
* CRACK SPREADS
- Fuel oil's October crack weakened a slight 5 cents to a
discount of $5.78 a barrel to Dubai crude, while the November
discount was 10 cents weaker at $5.84.
- Gas oil's October crack lost 32 cents to a premium of
$17.20, while the November premium weakened 30 cents to $17.40 a
barrel to Dubai crude.
- Naphtha cracks climbed to a three-week high on Monday,
with the October discount narrowing $2.27 to $5.01 a barrel and
November to $4.41, up $2.03.
* OUTRIGHT PRICES
- October ICE Brent LCOc1 was at $111.69 a barrel at 0830
GMT, down $1.51 from Friday.
