RTRS:Asia-Pacific Crude-Tenders to provide price cues, demand
SINGAPORE Aug 10 (Reuters) - Sweet crude held steady in Asia on Wednesday as traders eyed tender awards later this week for October price cues, lower demand forecasts from the U.S. and OPEC and as China's crude imports hit a one-year low in July.
Sakhalin Energy will award its Vityaz crude tender tomorrow after Russian Sokol was sold at a higher premium on support from stronger naphtha cracks compared with last month and steady gas oil margins.
The producer has already sold one of the five Vityaz cargoes for October loading at a premium of $5.50 a barrel to Dubai quotes.
The market will also be watching the appetite for sweet crude in Thailand and Indonesia, with refiners IRPC and Pertamina issuing buy tenders for October arrival grades.
Limited supply from within the Asia-Pacific region, firm refining margins and strong demand for burning crude in Japan will likely continue support sweet crude, a trader said.
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- Malaysia's state oil firm Petronas cut the Tapis crude price alpha factor for August liftings to $5.90 per barrel, down by 60 cents from $6.50 for July, an industry source said.