RTRS:Asia-Pacific Crude-Sellers clear backlog from storage
SINGAPORE, Aug 29 (Reuters) - Asia-Pacific crude supply
remained ample on Wednesday as sellers offered a variety of
grades produced in the region while gradually clearing a backlog
of cargoes stored onboard oil tankers.
Refiners' appetite for sweet crude has increased this month
on better refining margins, but the sale of crude from storage
is still cannibalising demand for October loading cargoes, a
trader said.
* TRADES
- At least four cargoes of Vietnamese and Bruneian crude in
storage have been sold to North Asia for delivery in September
and October on a cost-and-freight (C&F) basis.
Arcadia sold 400,000 barrels of Bach Ho at $4.5-$5 a barrel
above dated Brent while Phillips 66 sold two 300,000-barrel
cargoes of Su Tu Den at a premium of about $4 to dated Brent.
- Thai refiner PTT has also managed to clear some crude that
it started storing in August after a fire at Bangchak
Petroleum's refinery. It sold at least one Seria Light at a
premium above $4 a barrel to dated Brent.
- Woodside sold its October Pluto cargo to an end user at a
discount of about $7 a barrel to dated Brent on a free-on-board
(FOB) basis.
* TENDERS
- Taiwanese refiner CPC is still finalising a tender to
purchase condensate for October delivery.
- Indonesia's Petral is seeking sweet crude for November
delivery in a tender to close on Thursday.
- Indian refiner HPCL has a tender seeking October loading
sweet crude that will close later today.
* REFINERY
- Japan's JX Nippon Oil & Energy Corp plans to refine 5.44
million kilolitres of crude oil in September for domestic
consumption, up 8 percent from a year earlier, a company
executive said.
- Japan's fourth-biggest refiner Cosmo Oil Co said on
Tuesday it would shut its 140,000 barrels per day (bpd) Sakaide
refinery in July next year, but will likely have to close down
further capacity to meet government rules by a 2014 deadline.
* MARKET NEWS
- The Group of Seven finance ministers urged oil-producing
countries on Tuesday to raise output to ensure the market is
well supplied, while warning that Western nations were ready to
tap strategic oil reserves to offset rising prices that could
hurt global growth.
CRUDE Price Prev Change
OCT Brent 111.95 112.76 -0.81
OCT Brent/Dubai EFS 3.35 3.55 -0.20
