RTRS:Asia-Pacific Crude-Steady; Brent-Dubai spread narrows further
SINGAPORE, April 3 (Reuters) - The Asia-Pacific crude market held steady on Thursday with traders awaiting loading programmes for June cargoes.
Brent's narrowing premium to Dubai crude could bring North Sea crude to the region. Brent-Dubai Exchange of Futures for Swaps (EFS) DUB-EFS-1M narrowed 8 cents to $3.35 per barrel, its lowest in nearly five months.
"It's quite close to the level where we can make the (arbitrage) economics work," said a trader with a North Asian refiner, adding that it would depend on official selling prices by Middle East producers.
Meanwhile, improving refining margins, helped by recent strength in light and middle distillates cracks, could support differentials for regional grades.
The Singapore complex refining margins has averaged $6.10 per barrel over the past five sessions, compared with an average $5.87 per barrel in March.
*TENDERS
India's MRPL is seeking 600,000 barrels of sweet crude for June 1-15 loading at New Mangalore in a tender that closes April 7 and is valid for two days.
Vietnam's PV Oil sold a total of 3.6 million barrels of medium sweet Bach Ho crude for May-loading in a tender to oil majors and trading houses. A lighter grade of the crude was sold at $3.00-$5.00 per barrel above dated Brent, while a heavier grade was sold at a $1-$2 per barrel premium, traders said.
PV Oil also sold 250,000 barrels of Hai Thach condensate for May 15-19 loading to Shell at around $3 per barrel above dated Brent.
*MARKET NEWS
India's Mangalore Refinery and Petrochemicals Ltd will change its crude mix and production pattern in the year to March after commissioning of a coker unit to boost its profitability, a top company executive said on Thursday.
Iran and Russia have made progress toward an oil-for-goods deal that sources said could be worth up to $20 billion and enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters.
A new oil refinery that Thai Oil Pcl wants to build in Myanmar would have a capacity of 150,000 barrels-per-day, Thailand's top refiner said.
Libya could finalise an agreement in two to three days with rebels to reopen key oil ports, a government spokesman said on Wednesday, bolstering hopes for an end to an eight-month standoff that dried up petroleum revenue.
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