SINGAPORE: Thailand state-refiner PTT has issued its monthly IRPC sour crude import tender, which could help to soak up some of the remaining December-loading cargoes still available.
PTT is seeking Middle East crude such as Murban, Das, Oman and Qatar Marine, among others, for loading in December or the first half of January. It has also shortlisted UK Forties, Iraqi Basrah Light, Russian Urals and ESPO crude for Jan. 1-15 delivery to the Rayong refinery. The tender closes on Oct. 18 and is valid until Oct. 19.
The Thai refiner bought a 500,000 barrel cargo of Abu Dhabi Das crude from BP last month for delivery Dec. 1-15.
On the condensate market, a Japanese trader has sold a cargo of December-loading Qatari Deodorized Field Condensate (DFC) to a Japanese buyer at a premium in the mid-$3 a barrel to Dubai quotes. The identity of the buyer remains unclear.
December DFC premiums have eased from November trades done around a $4 premium to dated Brent even though Qatari state marketer Tasweeq did not offer DFC in its monthly condensate sell tender. Tasweeq's tender to sell December-loading low-sulphur field condensate closes on Tuesday.
An overhang of November-loading DFC cargoes that were still available early in the December trading cycle left buyers with ample supply options for December cargoes, North Asian condensate buyers said.
Trade for December-loading Russian ESPO Blend began after the release of sell tenders from Rosneft and Surgutneftegas. Rosneft is offering two 740,000 barrel cargoes of the grade, while Surgut is offering three cargoes of similar volumes.
Cash Dubai eased to parity with Dubai swaps even as Shell bought 20 of the 25 December Dubai partials that traded on the window on Monday.
"The cash Dubai game has no steam," one Singapore-based trader said, referring to the narrowing of the cash Dubai and Dubai swaps spread from Friday, when it held steady at 16 cents above swaps.
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