Asia-Pacific Crude-Condensate Remains Lackluster

Posted by Joseph Keefe
Thursday, June 05, 2014

The Asia-Pacific crude and condensate remained weighed by limited demand from refiners returning from maintenance, but may find some support from Brent's narrowing gap to Dubai swaps as well as the prospect of lower supply from Libya.

Shell sold 650,000 barrels of Northwest Shelf (NWS) condensate loading July 8-12 to Samsung Total at around $2.50 per barrel below Dated Brent, roughly the same level as the previous month, traders said.The deal could not be independently verified.

The grade was sold for June-loading at a discount of $2.30-$2.50 a barrel, according to Reuters data.

Traders said two NWS cargoes loading July 15-19 and July 23-27 held by Mitsui and Woodside, respectively, remained unsold.

Brent's premium to Dubai swaps, or Brent-Dubai Exchange of Futures for Swaps (EFS) <DUB-EFS-1M>, narrowed 23 cents to $4.20 per barrel. The spread has come down after reaching nearly $5 per barrel at the end of last month, making it more lucrative for refiners to seek Brent-related cargoes.

The possibility of further supply disruptions from Libya could also support Asia-Pacific grades, which are similar in quality to the low-sulphur, or sweet, grades produced in the North African country.

Libya's crude exports could fall to zero within days as the state oil company could be forced to divert the only remaining exports to the Zawiya refinery.

Crude from two offshore fields may be used to supply the 120,000 barrel per day refinery unless oil production from Brega in the east improves within two days, a spokesman for National Oil Corp (NOC) said.

It would be the first time that Libya has stopped exporting oil since the 2011 civil war.

TENDERS

India's Bharat Petroleum Corp (BPCL) bought 950,000 barrels of Qua Iboe and 950,000 barrels of Agbami for loading July 15-25 from Glencore in a tender, traders said.

The Qua Iboe cargo was traded at around $3.10 per barrel above Dated Brent, while the Agbami cargo was priced at a premium of around $1.60 per barrel, a trader said. The deals could not be independently verified.

Vietnam's PV Oil sold 300,000 barrels of Bach Ho for July-loading in a tender to Vitol at around $2 per barrel above Dated Brent, traders said. The company also sold a similar-sized cargo to Idemitsu at a premium of $2.50-$2.90 per barrel, they said.

MARKET NEWS


Ecuador will sign two financing deals totalling $9 billion with the Industrial and Commercial Bank of China in the coming months for the construction of an oil refinery, a top government official said on Wednesday.

Canada almost doubled imports of crude oil from the United States in April compared with the same month a year earlier, Statistics Canada data showed on Wednesday, as the U.S. light oil boom continued to displace barrels from overseas.

Sona Petroleum Bhd, Malaysia's largest listed special-purpose acquisition company, is buying a 40 percent stake in two oil and gas blocks from London-listed Salamander Energy Plc in the Gulf of Thailand for $280 million.

Reporting by Jacob Gronholt-Pedersen and Florence Tan

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tugboat Capsizes Near 106th Bridge, Chicago

The Coast Guard informs it is responding to the capsize of a tug on the Calumet River near the 106th St. Bridge in Chicago, in which the two crew members were able

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

HAL & Kelly Clark in ‘Attorneys Who Matter’ List Again

The Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, recognized Holland America Line and Seabourn’s

Contracts

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

Wärtsilä Signs Harvey Gulf OSV Maintenance Agreement

Wärtsilä says it has signed a long-term Technical Management Agreement with Harvey Gulf International Marine LLC (Harvey Gulf). This five-year agreement covers

Latest Ocean-Going Shipbuilding Orders

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry

Tanker Trends

Latest Ocean-Going Shipbuilding Orders

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry

Livanos Becomes Euronav Chairman

On 22 July 2014, the Board of Directors of Euronav NV unanimously appointed Peter G. Livanos as Chairman of the Board, with immediate effect in replacement of Marc

MN 100: gplink

1500 Sensation Weigh Beaufort, NC 28516 Tel: (252) 504-2640    Email: dwebb@gplink.com Website: www.gplink.com President & CEO: Greg Poole, III The Company: gplink

Finance

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

ARENA Supporting Bright Ideas in Solar R&D

The Australian Government today announced $21.5 million funding for 12 cutting edge R&D projects that will keep Australia at the forefront of solar research.

Big Increase in Port of Houston Steel Cargoes

More steel moved across the docks in July than any month since 2008, Executive Director Roger Guenther reported at the recent meeting of the Port Commission of the Port of Houston Authority.

Energy

Narendra Modi Eyes Breakthrough Nuclear Pact with Japan

India is hoping to win Japanese backing for a nuclear energy pact during a visit by Prime Minister Narendra Modi, and lure investment into its $85 billion market

Venezuela Considers Importing Crude for the First Time

PDVSA would use its own fleet to transport imported crude; Purchases of crude imports would reduce costs; Venezuela has been exporting oil for a century Venezuela

ARENA Supporting Bright Ideas in Solar R&D

The Australian Government today announced $21.5 million funding for 12 cutting edge R&D projects that will keep Australia at the forefront of solar research.

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1231 sec (8 req/sec)