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crude-oil-1024SINGAPORE: June-loading Vietnamese crude premiums weakened amid the emergence of more offers and as the supply glut in the region caused by rising arbitrage flows to Asia continued to weigh on market sentiment.

A rise in Malaysian Kimanis crude supplies loading in June is also expected to further weigh on regional crude values.

VIETNAM - RUBY: Malaysia's Petronas, which jointly marketed the grade with Vietnam's state-marketer PV Oil, awarded the sell tender at lower premiums than last month. Japanese refiner Taiyo bought the 300,000-barrel June 3-10 cargo at a low-$1.00 per barrel premium to dated Brent, while the Vietnamese firm's trading arm PV Oil Singapore, purchased the June 21-28 cargo at a lower premium around $1 per barrel. A single 300,000-barrel May-loading Ruby crude cargo traded at around $2.20 per barrel above dated Brent last month.

VIETNAM - THANG LONG: PV Oil Singapore was also awarded the 250,000-barrel cargo due for June 7-11 loading. No cargoes of the grade were available for loading in May, while the most recent Thang Long deal saw an end-April cargo trade at a premium of around $1 per barrel to dated Brent.

VIETNAM - SONG DOC: PV Oil is offering 112,000 barrels of the grade for June 12-18 loading in a tender that closes on April 24. A May-loading Song Doc crude cargo traded at around $3.30 per barrel above dated Brent last month.

VIETNAM - CHIM SAO: PV Oil is offering two 300,000-barrel cargoes of the grade for loading between June 5-9 and June 18-22 via a tender that closes on April 18. May-loading Chim Sao cargoes were traded at around $3 per barrel above dated Brent last month.

MALAYSIA - KIMANIS: Ten 600,000-barrel cargoes of Malaysian Kimanis crude are due to load in June, one cargo more than in May.

MALAYSIA - MUDA CONDENSATE: Petronas is offering 250,000 barrels of the grade for June 11-20 loading in a tender that closes on April 20. No Muda condensate was offered for May-loading last month. Petronas last sold an April-loading Muda cargo at a premium around $1 above dated Brent in February. No Cakerawala condensate will be available for loading in June.

MALAYSIA - BUNGA ORKID: Petronas closed a tender to sell 300,000 barrels of Bunga Orkid crude for June 4-10 loading on Monday. Tender awards are due to emerge on April 18 when validity for bids expire.

 

Copyright Reuters, 2017
 

 

 

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