RTRS:Asia-Pacific Crude-Ruby down on strong Minas, refinery shutdown
SINGAPORE, Feb 29 (Reuters) - Asia-Pacific crude
market fell on Wednesday after Vietnamese Ruby crude for April
loading was sold at a lower premiums than the previous month on
a strong Minas price marker and reduced demand from refiners on
peak maintenance season.
Indonesia and Vietnam offered condensate supply for April,
while most of the North West Shelf (NWS) condensate cargoes
remained unsold because of a wide bid-offer gap. Sellers were
eyeing narrower discounts of $2-$3 while buyers were looking for
prices close to $4 a barrel below dated Brent.
* TENDERS
- PV Oil sold 300,000 barrels of Ruby to Petrodiamond at a
about $3.50 a barrel above the Minas formula for April 17-23
loading, down from premiums of about $6 in the previous month.
- Russia's TNK-BP offered 730,000 barrels of ESPO to load on
April 1-10. The tender will close on March 1 with bids valid
until a day later.
- PV Oil offered 200,000 barrels of Rong Doi condensate for
April 21-27 loading in a tender that will close on March 7. Bids
remain valid a day later.
- Indonesia's BPMIGAS offered two 150,000-300,000-barrel
cargoes of Senipah condensate for April loading in a tender that
will close on March 1.
- India's Mangalore Refinery and Petrochemicals (MRPL) has
bought Libyan Mellitah condensate in a tender for a second
straight month, traders said.
MRPL bought 650,000 barrels of the super light oil from
European trader Totsa at $1.60 a barrel above dated Brent on a
free-on-board (FOB) basis for April, they said.
The premium is 60 cents higher than the previous month as
strong naphtha cracks lifted condensate values.
* MARKET NEWS
- Russian state-controlled oil company Rosneft ROSN.MM made
a small price concession to China, the single biggest consumer
of oil from its new eastern fields, to resolve a long-running
dispute, a Russian industry source said.
Under the deal, Rosneft granted China National Petroleum
Corp. (CNPC) a discount of $1.50 per barrel, the source said.
The agreed discount could serve as a bargaining chip if China
seeks more crude from Russia to feed its rapidly rising energy
needs.
CRUDE Price Prev Change
APRIL Brent 122.25 123.57 -1.32
APRIL Brent/Dubai EFS DUB-EFS-1M 4.00 3.56 0.44
PRODUCT CRACKS Price Prev Change
MARCH fuel oil crack -7.15 -7.49 0.34
MARCH gasoil crack 15.29 15.02 0.27
APRIL naphtha crack -5.81 -6.82 1.01
COMPLEX REFINERY MARGINS
Today 5.84
Last 5 days 6.49
Lat 365 days 7.88
