Indonesian state-controlled Pertamina, which purchases condensate on behalf of the TPPI condensate splitter, awarded its tender for August-delivery condensate to BP. The oil major won the rights to supply two 650,000-barrel cargoes of Australian North West Shelf (NWS) condensate at a premium likely in the mid to high-$2.00 per barrel above dated Brent.
The Indonesian firm re-issued the condensate tender after it took just two out of three cargoes in the earlier tender. The new tender, is seeking up to 650,000 barrels of condensate for August 19-20 delivery and another 300,000 barrels of the feedstock for August 24-25 delivery to Tuban. The tender will close on June 13 and will have validity to June 15.
BRENT-DUBAI EFS
Brent's premium to Dubai swaps was at $0.61 per barrel, down 6 cents for August.
MARKET NEWS
The oil price has ignored rising geopolitical tensions in the Middle East, as a three-year old crude surplus has wiped out any real fear over supply, but one of the world's largest security consultants says there are red flags the market cannot ignore.
China's state planner will lower gasoline retail prices by 180 yuan ($26.48) per tonne and diesel fuel by 175 yuan per tonne from Saturday, the National Development and Reform Commission said in a statement on its website on Friday.
Kuwait has raised the July official selling price (OSP) for its crude oil sold to Asia by 60 cents per barrel from the previous month, an industry source familiar with the matter said on Friday.
Iran has set the official selling price (OSP) of its Iranian Light grade for Asian buyers at 2 cents a barrel above the Oman/Dubai average for July, up 62 cents from June, an industry source with direct knowledge of the matter said on Friday.
OPEC, NON-OPEC NEWS
Libya's major Sharara oil field has reopened after a workers' protest and should return to normal production within three days, the National Oil Corporation said in a statement early on Friday.
Azeri Energy Minister Natig Aliyev died on Friday, a day after being transferred to hospital in Istanbul for treatment for a heart complaint, Azeri news agency APA-Economics reported.
For crude prices, oil product cracks and refining margins, please click on the RICs below.