RTRS:Asia-Pacific Crude-Light sweets weaken on naphtha
SINGAPORE, March 26 (Reuters) - Light sweet crude weakened
in Asia on Monday as Petronas sold its second cargo of Tapis
crude at a lower premium after naphtha cracks slipped to their
lowest in about a month.
Naphtha's fall could weigh on other light sweet grades such
as Cossack, Kitan and North West Shelf (NWS) condensate, which
are still available for May loading.
* TENDERS
- Malaysia's Petronas sold the 300,000-barrel Tapis cargo
for May 24-30 loading to an oil major at a premium of $6.70 a
barrel to dated Brent, traders said.
- BP's joint venture in Russia, TNK-BP, sold three cargoes
of ESPO Blend crude at higher premiums than the previous month,
as its value rebounded on firm demand in Asia, traders said.
The producer sold two cargoes to Gunvor and one to Shell at
premiums between $4.15 and $4.30 a barrel to Dubai quotes, they
said.
The sales took place late on Friday, and the cargoes will
load on May 3-10, 14-17 and 26-29.
- Formosa Petrochemical bought a cargo of Russian ESPO crude
via a tender for April, trade sources said.
The Taiwanese refiner bought the cargo from Vitol at a low
premium of $3.88 a barrel to Dubai quotes, they said.
- Vietnam's PV Oil has issued a tender offering only one
cargo of Chim Sao for loading on May 25-29 as bad weather
delayed earlier liftings, trade sources said. The tender will
close on March 29 with bids valid until April 3.
- Taiwanese refiner CPC bought 2 million barrels of Cabinda
from Chevron, 1 million barrels of the same grade from Unipec
and 1 million barrels of Zafiro, likely from ExxonMobil, for May
delivery in a tender, traders said.
* MARKET NEWS
- Shell unexpectedly shut on Monday a gasoline-making fluid
catalytic cracker (FCC) at the 500,000 barrel-per-day (bpd)
refinery and is currently restarting the unit, trading sources
said.
However, it was unclear if other units at the complex had
been affected and how long the outage would last.
- South Sudan hopes to resolve a row over oil and other
outstanding issues with Sudan within a month or two, South
Sudan's top negotiator said on Saturday, pointing to an easing
of tensions between the two old civil war foes.
- Southwestern Japanese utility Kyushu Electric Power Co
9508.T said on Monday it shut the 500-megawatt oil-fired No.2
unit at its Sendai power plant earlier in the day due to a
unspecified problem.
CRUDE Price Prev Change
MAY Oman diff to Dubai 2.15 2.33 -0.18
MAY Brent 124.95 123.68 1.27
MAY Dubai 120.81 119.93 0.88
MAY DME Oman 122.96 122.26 0.70
MAY Brent/Dubai EFS DUB-EFS-1M 4.14 3.75 0.39
PRODUCT CRACKS Price Prev Change
APRIL gasoil crack -7.09 -6.47 -0.62
APRIL fuel oil crack 14.91 14.96 -0.05
MAY naphtha crack -7.27 -7.15 -0.12
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