RTRS:Asia-Pacific Crude-Steady ahead of IRPC's buy tender
SINGAPORE, July 12 (Reuters) - Asia-Pacific crude market
held steady on Thursday as traders awaited the results of IRPC's
buy tender to gauge price levels and the supply situation for
light sweet grades.
The Thai refiner may help absorb surplus spot supply if it
buys from the market, but it could opt to use domestic crude or
buy from PTT, which is trying to unload prompt cargoes after a
fire at Bangchak's refinery.
Unsold supply and weak demand in Japan continued to weigh on
sentiment while a rise in Brent crude's premium to Middle East
Dubai rose to a five-week high and may put downward pressure on
the spot differentials for Brent-linked grades.
* TENDERS
- PV Oil offered 250,000 barrels of Song Doc crude for
loading on Sept. 1-6. The tender will close on July 16 with bids
valid until July 18.
- BPMIGAS did not award a tender to sell two cargoes of
Senipah crude for July-August loading on low bids, traders said.
* MARKET NEWS
- Vietnam's crude oil exports rose 6.9 percent in the first
six months of the year from a year ago, to 4.18 million tonnes
(169,300 barrels per day), similar to an initial government
estimate, Vietnam Customs said.
- Global economic slowdown could put a lid on oil prices but
there is a risk "nasty supply surprises" could reignite a market
rally, the International Energy Agency said.
CRUDE Price Prev Change
AUG Brent 98.55 98.69 0.86
AUG Brent/Dubai EFS DUB-EFS-1M 3.18 2.78 0.40
PRODUCT CRACKS Price Prev Change
AUG fuel oil crack -3.87 -3.93 0.06
AUG gasoil crack 17.33 17.78 -0.45
AUG naphtha crack -8.99 -8.25 -0.75
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