SINGAPORE: Trade on the Asia-Pacific crude market was thin on Monday as traders awaited various tender results.
Indonesia state-controlled Pertamina closed its re-tender seeking December-delivery condensate for the Tuban-based TPPI condensate splitter on Monday. Offers will be held valid to Oct. 26. The Indonesian oil firm bought a cargo of Australian Northwest Shelf condensate for delivery in early-December at a premium in the low-$1.00 per barrel to dated Brent via tender last week.
Petroleum Brunei is due to award its December-loading Kimanis crude sell tender on Oct. 25. Premiums for Malaysian Kikeh crude were steady from last month after Petronas awarded its December sell tender at slightly above $4 per barrel to dated Brent last week.
Sell tenders for other regional condensate grades will also close in the coming days. Petronas will close its Yetagun sell tender on Oct. 25, and will close its Cakerawala condensate sell tender a day later. Tender results are expected to emerge later this week.
Premiums for December-loading condensate may be supported by rising naphtha refining margins that reached a near six-month high of $69.23/t on Oct. 21.
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), was at $2.51 per barrel, down 5 cents for December.
REFINERY
Japan's Cosmo Oil Co said on Monday it would mothball one of two crude distillation units (CDUs) at its Yokkaichi refinery in central Japan to meet part of the requirements of a government directive.
India's Mangalore Refinery and Petrochemicals Ltd has delayed the restart of its hydrocracker to the first week of November after cracks were detected in the equipment, its head of refineries said on Monday.
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