Asian crudes firmed on tight supplies<\/p>\n
SINGAPORE (Reuter): Tighter spot supplies coupled with peak
\nseasonal demand supported heavy Asian crude prices yesterday,
\ntraders said.<\/p>\n
July spot trading for Minas crude has not started, but sellers
\nwere offering at ICP +25 cents per barrel, with bids likely to
\ncome from ICP +10\/15. July Duri crude was also discussed at
\nfirmer levels of ICP +60\/65, compared to the last July trade done
\nat ICP +48 at the end of last week.<\/p>\n
But turnarounds in Indonesia and Australia have reduced demand
\nfor lighter Asian grades, keeping the market in the doldrums.<\/p>\n
A partial cargo of end July North West Shelf condensate was on
\noffer, with a cargo each of Kutubu, Tapis and possibly Dulang
\nalso available for the second half of July.<\/p>\n
A western trader was heard holding early July arrival barrels
\nof Australian Harriet and Barrow Island crudes, which may be
\noffered onto the spot market as regular buyers Indonesia had no
\ninterest.<\/p>\n
These ample supplies of light crudes kept Australian refiners
\nout of the West African crude market, but buying interest from
\nSouth Korea and Singapore for July loading West African cargoes
\nwas still seen.<\/p>\n
A 900,000 barrel cargo of end June Nkossa from Equatorial
\nGuinea was confirmed sold by a European major to a Singapore
\nrefiner.<\/p>\n
Activity on the Middle East crude market remained very thin,
\nand is expected to pick up only next week when August trading
\nstarts.<\/p>\n
One western trader was holding the last full Oman cargo for
\nJuly, while three other sellers had partial cargoes, with bids
\nheard at MPM -40.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-crudes-firmed-on-tight-supplies-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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