SINGAPORE: The Asia-Pacific crude market saw more offers emerging for January-loading after PV Oil issued a sell tender for Thang Long on Friday.
The Vietnamese state-owned marketer is offering 250,000 barrels of Thang Long crude for Jan. 2-8 loading. The tender will close on Nov. 18 with validity until Nov. 21.
Thang Long crude supplies for January were stable compared with December when PV Oil sold its cargo to South Korean refiner SK Energy at a premium of $2.50 to dated Brent.
Offers of January-loading Vietnamese crude made so far indicate that supplies in the month are about 550,000 barrels less than December.
Indonesian state-run oil and gas company Pertamina will shut its Balikpapan refinery for maintenance in March, as well as the single-point mooring (SPM) system for receiving or shipping oil at its Cilacap plant.
Premiums for February and March cargoes of Asia-Pacific crude - typically sold and shipped on smaller vessels - could get support from increased demand from the shutdown of the Cilacap refinery.
Cilacap tends to buy West African crude, which is usually shipped on larger vessels like Suezmaxes or Very Large Crude Carriers (VLCCs).
Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS), was at $2.05, up 3 cents for January.
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