Asian crude prices lower on weak demand<\/p>\n
SINGAPORE (Bloomberg) Asian crude prices were lower on Friday
\nbecause of weak demand for remaining May-loading Minas cargoes,
\ntraders said.<\/p>\n
In the spot market, Indonesian Minas crude was 40 cents lower
\nat $23.95 a barrel, or 85 cents a barrel more than its Indonesian
\nCrude Price.<\/p>\n
June Brent crude oil futures on the Singapore International
\nMonetary Exchange settled 17 cents lower at $22.95 a barrel. The
\nparallel contract on London's International Petroleum Exchange
\nyesterday closed 33 cents lower at $22.79 a barrel.<\/p>\n
Demand for Minas cargoes remained weak, though participants
\nestimated only about 500,000 barrels of May-loading Minas was
\nleft unplaced on spot market, traders said.<\/p>\n
The Asian Petroleum Price Index Tapis crude premium was steady
\nat $1.20 a barrel. May swaps were assessed lower today at $23.60
\na barrel in line with lower Brent futures, traders said.<\/p>\n
The main equity-producer of Malaysia's light, sweet crude will
\nlikely offer one cargo each of Tapis and Labuan crude during May,
\na Malaysia-based trader said. Those cargoes will be placed
\nthrough negotiation with spot buyers, not through a tender like
\nthe previous Labuan cargo.<\/p>\n
Oman crude prices were assessed at 10-15 cents below its
\nofficial selling price. There were still some May loading cargoes
\navailable on the spot market. Traders said Japanese buyers were
\nunlikely to buy the remaining cargoes as their requirements for
\nMay had been filled.<\/p>\n
Participants expected Japanese buyers to buy more June-loading
\nOman cargoes because some Japanese refiners will finish their
\nspring maintenance in July.<\/p>\n
Australian Cossack crude premium was steady at 70 cents over
\nAPPI Tapis. Traders reported no deals this week.<\/p>\n
Australian Gippsland crude supply was disrupted from Tuesday
\nbecause of production problems, traders said. Supply was reduced
\n50 percent during the past three days, although the problem was
\nfixed today traders said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-crude-prices-lower-on-weak-demand-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}