RTRS:Asia-Pacific Crude-Strong margins support Vietnamese grades
SINGAPORE, Aug 22 (Reuters) - Vietnamese crudes Chim Sao and
Te Giac Trang (TGT) rose in Asia on Wednesday as strong refining
margins offset lower demand from a refinery closure.
Refiners' interest for prompt crude has risen on the back of
stronger refining margins, supporting regional sweet grades from
Vietnam and Malaysia, despite the closure of Shell's
79,000-barrel per day (bpd) refinery in Australia that will
reduce demand.
* TENDERS
- PV Oil sold two 300,000-barrel cargoes of Chim Sao crude
for October at steady premiums with the previous month, traders
said.
The producer sold an Oct. 11-15 cargo to an oil major at
between $4.50 and $5 a barrel above dated Brent while a cargo to
load on Oct. 22-26 was sold to Japanese refiner Taiyo Oil at a
premium of $4-$4.20 a barrel, they said.
- PV Oil sold 300,000 barrels of TGT crude for October
loading at a premium that was slightly higher than a six-month
low touched for an August cargo, traders said.
The TGT cargo for Oct. 1-5 loading was sold to an oil major
at a premium of about $5.20 a barrel to dated Brent, they said.
- PV Oil offered 400,000 barrels each of Bunga Kekwa and
Bunga Orkid for Oct. 14-20 and Oct. 22-28 loading, respectively.
The tender will close on Thursday with validity until Monday.
- PV Oil offered 200,000 barrels of Rong Doi condensate for
loading on Oct. 24-30 in a tender to close on Aug. 28. Bids will
remain valid until a day later.
* TRADES
- BHP sold a second Pyrenees cargo for October loading at a
premium close to $7 a barrel to dated Brent, traders said, down
from last week's deal at a premium between $7.50 and $8 a
barrel.
* MARKET NEWS
- South Sudan expects to restart some oil output in December
and more after June next year, an official said on Tuesday,
after the new country struck an interim deal with Sudan that
would allow it to resume crude exports across Sudanese
territory.
"The Ministry of Petroleum and Mining expects production of
Dar Blend to begin in December, with the first payments possibly
received in January. Production of Nile Blend is not expected to
resume before June of 2013," South Sudan Deputy Finance Minister
Marial Awou Yol said.
- Nigeria will export more of its Qua Iboe crude in October
versus September, a provisional loading programme showed.
- Nigeria's exports of Bonny Light crude oil will rise
sharply in October as production ramps up following the end of a
force majeure in late July, a provisional loading programme
showed.
- Output at European oil refineries rose in July from June
as producers continued to take advantage of healthy margins for
high value diesel and gasoline, figures from industry monitor
Euroilstock showed.
CRUDE Price Prev Change
OCT Brent 114.26 114.53 -0.27
OCT Brent/Dubai EFS 3.74 3.87 -0.09
