RTRS:Asia-Pacific Crude-Vietnam, condensate fall on lower demand
SINGAPORE, March 28 (Reuters) - Asia-Pacific crude market
fell on Wednesday after Vietnamese grades and condensate were
sold at lower values on lower demand in Asia due to peak
refinery maintenance season and weak margins.
* TENDERS
- Vietnam's PV Oil sold 1.2 million barrels of Te Giac Trang
(TGT) crude for May at about $2 lower in premiums than the
previous month, traders said.
Shell bought all four 300,000-barrel cargoes for May loading
at premiums between $6.20 and $7.20 a barrel to dated Brent,
they said. The cargoes will load on May 3-9, 12-18, 21-27 and
May 30-June 5.
This is the third consecutive tender awarded to the oil
major in the same number of months.
- PV Oil also sold a cargo each of Bunga Orkid and Bunga
Kekwa crude for May at slightly lower premiums than the previous
month.
The price fall for these two grades was not as large as that
for Vietnam's Te Giac Trang as production of Bunga Kekwa and
Orkid has been declining.
PV Oil sold 400,000 barrels of Bunga Kekwa to European
trader Glencore at about $6.50 a barrel above dated Brent and
the same volume of Bunga Orkid at a premium of about $7.50 a
barrel, they said.
Loading dates for the Bunga Kekwa and Orkid cargoes are May
5-11 and 9-15, respectively.
- PV Oil issued a tender offering 300,000 barrels of Chim
Sao crude for May 16-20 and a 250,000-barrel cargo for May 25-29
loading. The tender will close on April 3 with bids valid a day
later.
- Taiwan's CPC Corp has bought a cargo of North West Shelf
(NWS) condensate for May arrival via a tender, traders said.
The refiner bought the cargo at about $4 a barrel below
dated Brent, at the lower end of the $2.60-$4 discounts fetched
for April cargoes, they said.
Woodside likely sold its parcel that will load in early
April to CPC, traders said.
* OFFERS
- North West Shelf (NWS) condensate trade was muted as
sellers were targeting discounts between $3.50-$4 while buyers
were looking at $4-$5 a barrel below dated Brent.
- Petronas offered a Cakerawala condensate cargo for May at
$2 a barrel above dated Brent, but did not manage to find a
buyer.
* MARKET NEWS
- Oil flows through the Forties pipeline have been curbed by
the shutdown of Total's Elgin platform following a gas leak, oil
traders said.
- Sudan and South Sudan accused each other of launching
fresh attacks on oil-producing areas either side of their
contested border on Tuesday but Sudan said it hoped the conflict
would not escalate into war.
Asian oil group GNPOC - the Greater Nile Petroleum Operating
Company, a consortium led by China's CNPC - confirmed its
facilities had been hit.
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