Asia-Pacific crude market slips

The Asia-Pacific crude market slipped on Monday as higher volumes of crude from the United States are expected to put pressure on premiums of regional grades. However, the condensate market appears to be supported with Malaysia's Petronas selling its July-loading cargoes at higher premiums than previous months, traders said.
Malaysia's Petronas has sold 320,000 barrels between July 11 and July 20 loading Cakerawala condensate at a premium of about $3.40 to $3.60 to dated Brent, trade sources said. It last sold a June-loading Cakerawala condensate cargo to Exxon Mobil Corp at a premium of about $3 a barrel to dated Brent.
Malaysia's Petronas also sold 300,000 barrels of Muda condensate for loading between July 9 and July 15 at a premium above $2 a barrel to dated Brent, traders said.
The company skipped selling Muda condensate for loading in June, but sold a May-loading cargo to SK Energy at a premium of about $2.40 to $2.60 a barrel to dated Brent, traders have said. Brent's premium to Dubai swaps was at $3.28 per barrel, down 24 cents from the previous session.
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