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SINGAPORE: Malaysia's Petronas sold a new grade in the Asia-Pacific crude market, traders said on Wednesday, while spot premiums for other Malaysian grades remained firm.

MALAYSIA: Petronas has sold the first ever cargo of Ophir Light crude for loading in December to a trading company, trade sources said.

The 200,000-barrel cargo will load over Dec. 8 to 14 and was sold via a tender, the sources said.

Petronas may soon offer a second cargo loading in December, one of the sources said.

With a production of about 6,000 barrels per day, the crude has an API gravity of 46 to 47 degrees and a sulphur content of about 0.07 percent.

The Ophir field, located offshore Terengganu, Malaysia, northeast of peninsular Malaysia, is developed by Ophir Production Sdn Bhd (OPSB) under a Risk Service Contract, according to Octanex's website. Octanex owns 50 percent of OPSB.

Separately, Petronas sold a December-loading cargo of Miri crude at $4-$4.50 a barrel above dated Brent, similar to premiums fetched for Kimanis. Petronas has also closed a tender to sell 300,000 barrels of Penara crude that will load on Dec. 14-20, although the results were not immediately known.

VIETNAM: PV Oil has sold Hai Thach crude supplies for loading in the first half of 2018 at a higher premium than the previous six months on firm demand for light oil in Asia, trade sources said.

The tender was awarded to Concord Energy at $2.84 a barrel above dated Brent, they said, versus a premium of $1.90-$2 for the second half of 2017.

Concord will lift 1 million to 1.6 million barrels of Hai Thach crude between January and June 2018.

AUSTRALIA: December-loading Cossack's premium held steady at $2-$2.50 a barrel to dated Brent from the previous month. BHP has likely sold the only cargo loading in December to BP.

BRENT-DUBAI EFS

Brent's premium to Dubai swaps was at $2.56 per barrel for January.

OSP: The official selling price of a basket of October-loading Malaysian crude oil grades has been set at $61.31 a barrel, the highest since July 2015, trade sources said.

The October price for flagship Labuan rose $1.96 per barrel from the previous month.

 

Copyright Reuters, 2017
 

 

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