SINGAPORE: The Asia-Pacific crude market is expected to weaken, with the return of spot supply from Papua New Guinea likely to weigh on differentials of ultra light crude oil, trade sources said on Monday.
PAPUA NEW GUINEA
Sales of Kutubu Light crude oil cargoes will resume in the Asia spot market in July after a major earthquake in Papua New Guinea shut production from late February to early April, industry sources said.
ExxonMobil Corp will export one of two Kutubu Light cargoes for loading over July 1-5 and Australia’s Oil Search will export a cargo to load over July 17-21, the sources added.
The resumption of Kutubu Light crude oil could weigh on premiums of ultra-light crude oil cargoes as there is ample supply in the region, a Singapore-based trader said.
VIETNAM
PV Oil has offered 250,000 barrels of Thang Long crude for loading over June 23-27.
The tender closes on May 18 and is valid until May 28.
The company last sold a late May-loading Thang Long crude oil at a premium of about $1 a barrel to dated Brent, traders said.
MALAYSIA
Malaysian state oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) at $3.80 a barrel, down 10 cents from the previous month.
The monthly price factor is added to the average of Platts’ dated Brent prices published in the month to derive the Malaysian crude official selling price.
BRENT-DUBAI EFS
Brent’s premium to Dubai swaps was at $4.14 per barrel, up 11 cents from the previous session.
Source: Brecorder
