RTRS:Asia-Pacific Crude-Supply builds on lower demand
SINGAPORE, July 27 (Reuters) - Indonesian and Malaysian
crude prices fell in Asia on Friday due to lower demand,
although an improvement in naphtha cracks from the previous
month shored up condensate values.
Japan's demand for direct-burning crude remained lacklustre
as its tanks are still full despite warmer weather, reducing
demand for Indonesian grades, traders said.
Lower demand from a planned closure of Shell's Clyde
refinery and a reduced operating rate at Thailand's Bangchak
Petroleum weighed on Malaysian and Vietnamese grades.
Brent's premium to Dubai touched its highest level in more
than three months on Friday and could pressure grades priced on
the European marker.
* TRADES
- Petronas likely sold Cendor crude to an oil major at
between $5 and $6 a barrel above dated Brent, at least $1 lower
in premiums than the previous month.
* WINDOW
- BP placed a bid for 100,000 barrels of the September
spread between Indonesian Attaka and Ardjuna at $3.75 a barrel,
5 cents wider than Thursday on the RIM trading board.
It also offered 100,000 barrels of Attaka crude for
September at 20 cents a barrel above September ICE Brent, down
from a $1 premium the previous day.
* TENDERS
- PV Oil issued a tender seeking sweet crude for delivery
between Sep. 10 and 25. Offers are due on July 31 and will stay
valid until Aug. 2.
- Petral, the trading unit of Indonesian state-run energy
firm Pertamina, has bought 1.9 million barrels of sweet crude in
a tender for October delivery, a steady volume from the previous
month, traders said.
The company bought 950,000 barrels each of Nigerian Akpo and
Libyan El Sharara from Chinese national oil company CNOOC, they
said. Prices were not immediately available.
- India's Bharat Petroleum Corp (BPCL) has bought three
cargoes of around 1 million barrels each of Nigerian, Angolan
and Libyan crude oil from Total, a trade source said.
BPCL bought one cargo of Nigerian Bonny Light, one cargo of
Angolan Cabinda and one cargo of Libyan Mellita, the trade
source said.
The Cabinda was likely sold at around dated Brent plus 50-70
cents per barrel FOB, and the Bonny light at close to dated
Brent plus $1.20.
* MARKET NEWS
- Libya is regaining its competitive edge selling crude to
Europe after steeply cutting price formulas to avoid a repeat of
the forced production cuts it faced in June because of a
stand-off over pricing with buyers.
- Sudan and recently independent South Sudan resumed crucial
talks on Thursday to end an oil dispute for the first time since
border fighting brought the African neighbours to the brink of
war in April.
- Indian refiner Mangalore Refinery and Petrochemicals Ltd
(MRPL) will increase spot cargo purchases as it cuts down on
import of crude oil from Iran, a top official at the state-owned
refiner said.
