RTRS:Asia-Pacific Crude-Chim Sao falls as ample supply weighs
SINGAPORE, June 19 (Reuters) - Asia-Pacific crude fell on
Tuesday as ample supply of sweet grades and poor refining
margins continued to depress the market.
* TENDERS
- Vietnam's PV Oil sold three cargoes of Chim Sao crude to
load in August via a tender at lower premiums than the previous
month, traders said.
The cargoes were sold at about $6 a barrel above dated
Brent, they said.
Japanese refiner Taiyo Oil bought two cargoes to load on
Aug. 7-11 and 26-30 while European trader Vitol bought the Aug.
17-21 cargo, the sources said.
- Murphy Oil issued a tender offering 600,000 barrels of
Kikeh crude for Aug. 9-14 loading. The tender will close on June
21 with bids valid until the same day's evening.
- Taiwan's CPC is seeking sweet crude for August loading in
a tender to close on June 19 with bids valid until two days
later.
* INDONESIA
- Indonesia is seeking sweet crude for delivery in early
August, but has limited its suppliers to national oil companies
after a recent presidential decree, trade sources said.
This move, the sources said, would leave out international
oil companies and trading firms that actively trade in the West
African grades Qua Iboe and Escravos regularly purchased by
Indonesia.
"Since the directive to limit oil purchases to primary
sources is public knowledge, anyone deemed a plausible supplier
by Indonesia would simply charge a premium knowing that
Indonesia's hands are tied as to who they can get oil from," HS
Yen, an oil analyst at FACTS Global Energy said.
Petral, the trading arm of Pertamina, is in talks with
national companies from oil producers such as Angola, Nigeria,
Algeria and Azerbaijan to buy 1 million barrels of sweet crude
for August delivery, the sources said.
The August purchase will replace an Azeri Light cargo on
suezmax MT Smyrni that was seized by Somali pirates in the
Arabian Sea in May on its way to Indonesia.
* MARKET NEWS
- Nexen Inc plans an extended four-week maintenance
turnaround at the 200,000 barrel per day Buzzard oilfield in the
North Sea during the third quarter for the platform's five-year
regulatory inspection, a spokesman for the company said.
- Iranian insurance companies are ready to offer coverage
for foreign oil tankers to continue shipping Iran's oil after a
European Union ban comes into effect next month, the
semi-official Fars news agency reported.
CRUDE Price Prev Change
AUG Brent 94.69 97.44 -2.75
AUG Brent/Dubai EFS DUB-EFS-1M 2.50 2.60 -0.10
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JULY gasoil crack 16.12 15.76 0.36
AUG naphtha crack -12.13 -12.27 0.14
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