SINGAPORE: The Asia-Pacific crude oil market remained firm on Wednesday with Vietnam offering its first December cargoes in the spot market, industry sources said.
VIETNAM
Vietnam's PV Oil has offered two cargoes of 300,000 barrels each of Chim Sao crude for loading over Dec. 11 to 15 and Dec. 26 to 30.
The tender closes on Oct. 16 and is valid until Oct. 23.
PV Oil last sold two cargoes of Chim Sao crude for loading in November to Taiyo Oil at a premium of $3.50 to $4 a barrel to dated Brent, traders have said.
PV Oil also offered 300,000 barrels of Ruby crude for loading over Dec. 22 to 28 in a tender that closes on Oct. 18.
PV Oil last sold a similar volume of Ruby crude for loading in November at a premium of $2.40 to $2.60 a barrel to dated Brent, traders have said.
PV Oil has offered its Te Giac Trang crude oil barrels for loading over January to June next year at a premium of $3.75 to $3.95 a barrel to dated Brent, an industry source said.
It is not clear if the buyers are willing to pay the much higher premium.
"It's more a question of whether domestic (buyers) are willing as it's not an international market anymore," the source added.
PV Oil's current term contract for the crude grade is with Binh Son Refining and Petrochemical which operates the domestic Dung Quat refinery.
BRENT-DUBAI EFS
Brent's premium to Dubai swaps was at $3.10 per barrel for December.
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