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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Contracts

Wärtsilä Electrical Systems for SIEM RoRo Ferries

Wärtsilä has been awarded the contract to provide integrated turnkey electrical solutions for four new RoRo ferries being built at the Flensburger Schiffbau-Gesellschaft (FSG) yard in Germany.

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Tanker Trends

A Year is a Long Time in Tankers

The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture,

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

 
 
Maritime Security Maritime Standards Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1747 sec (6 req/sec)