Asian crude end the weak steady

Asian crude end the weak steady

SINGAPORE (Reuter): Asian crudes ended the week steady, overshadowed by the activity on the Middle East crude market, traders said on Friday.

Traders were also focusing on the term price talks for Vietnamese Bach Ho crude six month contracts starting October, limiting the spot activity on Asian grades.

Vietnam was scheduled to have decided on the term price for its Bach Ho crude on Friday, following a one-week extension due to a deadlock.

But negotiations were extended to Wednesday.

Bids for the Bach Ho term price had moved up to a 75 cent per barrel premium over the three week average of APPI and Platt's, facing Vietnam's offer of an 80 cent premium.

September Minas was discussed around ICP +30 cents per barrel over the ICP, unchanged from early this week.

The strength in the October Middle East crude market continued, with Murban heard last done at ADNOC +32 cents from a shopsha to a Japanese refiner.

A European major had sold a Murban cargo to another Japanese refiner on Thursday at ADNOC +27.

October Murban had started trading only at a 14 cent premium a week ago.

October Lower Zakum was also heard sold twice, at ADNOC +45 by a European major, and at ADNOC +40 by a French major.

Traders said that almost all the October supplies of Murban were already committed, although several cargoes of Umm Shaif and Lower Zakum were still on offer.

Qatar Land was heard last done at QGPC +30 to a Japanese refiner, following its earlier purchase at QGPC +23.

Traders said that October Al-Shaheen were sold out as well, after a term lifter sold three cargoes to a Japanese refiner, a South Korean refiner and a US major, all around Dubai -10.