Activity on Asian crudes lackluster

Activity on Asian crudes lackluster

SINGAPORE (Reuter): Activity on Asian crudes was lackluster, with light grades under some pressure on ample supplies.

A seller cut its offer price of 300,000 barrels of July Belida to ICP +20/25 cents per barrel, down from its earlier offer at ICP +30.

But most other July Belida supplies allocated to two Indonesian affiliates were already committed to South Korea and to term buyers, traders said.

A western trader sold July Minas on Thursday at just under ICP +20.

The seller would not comment on the buyer, but denied rumors that it was China.

Middle East crudes were active, with August Masila and Dubai cargoes traded.

A Japanese refiner bought two cargoes of August Masila, from a western trader at OSP +17 with guaranteed dates and possibly from a major at OSP +14.

Two cargoes of August Dubai were also heard sold to Malaysia by two European majors.

One cargo was heard at August whole month quotes -2/3, while the second was at July quotes +2.

The overhang in the July market was clearing up, as the last July cargoes were starting to find homes.

A European major heard sold two July Lower Zakum cargoes, to a Japanese refiner at an unknown price and to a Korean refiner at Dubai +60, which traders considered a low level.

Previous July Abu Dhabi crudes were done at above Dubai +70. Trading on West African crudes was winding down as refiners had covered most of their requirements for July loading cargoes.

A Korean refiner confirmed buying its first cargo of Gulf of Suez, although cargoes have been taken by other Korean refiners.