RTRS:Asia-Pacific Crude-Condensate weakens on naphtha, excess supply
SINGAPORE, April 27 (Reuters) - Condensate weakened in Asia
on Friday as naphtha cracks fell this week and as excess cargoes
from the previous month weighed on sentiment.
* TRADE
- Chevron sold a North West Shelf (NWS) condensate cargo for
May 7-11 loading to South Korea's SK Energy at about $5.50 a
barrel below dated Brent, wider than discounts of about $4 for
May cargoes sold last month. The deal could not be confirmed.
One NWS condensate cargo in May and four in June are
available as traders await the result of CPC's buy tender for
price cues.
* TENDERS
- It was unclear if Rosneft has awarded its ESPO cargo for
June 21-24 loading in a tender that closed on Thursday. A couple
of traders said the producer may have sold it at a premium of
just above $4 a barrel to Dubai quotes although this could not
be confirmed. The identity of the buyer was also unknown.
- Petronas has awarded Cakerawala condensate for June 13-22
loading to a trader at a discount to dated Brent.
* MARKET NEWS
- Trading firm Phibro has arranged to ship May-loading
Forties crude to South Korea, trading and shipping sources said
on Thursday, adding to a growing flow to Asia of the
benchmark-setting North Sea oil.
A shipping fixture reported on Thursday showed a Very Large
Crude Carrier, Atlantas, fixed to load at Hound Point on May 15,
bound for South Korea. Hound Point is where Forties crude is
loaded.
The vessel was fixed on behalf of Phibro, two trading
sources said.
- South Korean's largest oil refiner, SK Energy, is securing
alternative supplies to make up for potential cuts in monthly
Iranian crude imports from the current 10-15 percent level due
to Western sanctions on Tehran, its parent company said.
- Japan's crude oil imports from Iran fell 36.4 percent in
March from a year earlier as Western sanctions take a toll on
exports from the Islamic republic, data from the Japanese
Ministry of Economy, Trade and Industry (METI) showed.
CRUDE Price Prev Change
JUNE Brent 119.36 119.28 0.08
JUNE Brent/Dubai EFS DUB-EFS-1M 3.95 3.84 0.11
PRODUCT CRACKS Price Prev Change
MAY fuel oil crack -4.10 -4.30 0.20
MAY gasoil crack 16.77 16.68 0.09
MAY naphtha crack -8.75 -8.88 0.13
COMPLEX REFINERY MARGINS
Today 7.63
Last 5 days 8.46
Last 365 days 7.71
