Asian crude prices lower on weak demand

Asian crude prices lower on weak demand

SINGAPORE (Bloomberg) Asian crude prices were lower on Friday
because of weak demand for remaining May-loading Minas cargoes,
traders said.

In the spot market, Indonesian Minas crude was 40 cents lower
at $23.95 a barrel, or 85 cents a barrel more than its Indonesian
Crude Price.

June Brent crude oil futures on the Singapore International
Monetary Exchange settled 17 cents lower at $22.95 a barrel. The
parallel contract on London's International Petroleum Exchange
yesterday closed 33 cents lower at $22.79 a barrel.

Demand for Minas cargoes remained weak, though participants
estimated only about 500,000 barrels of May-loading Minas was
left unplaced on spot market, traders said.

The Asian Petroleum Price Index Tapis crude premium was steady
at $1.20 a barrel. May swaps were assessed lower today at $23.60
a barrel in line with lower Brent futures, traders said.

The main equity-producer of Malaysia's light, sweet crude will
likely offer one cargo each of Tapis and Labuan crude during May,
a Malaysia-based trader said. Those cargoes will be placed
through negotiation with spot buyers, not through a tender like
the previous Labuan cargo.

Oman crude prices were assessed at 10-15 cents below its
official selling price. There were still some May loading cargoes
available on the spot market. Traders said Japanese buyers were
unlikely to buy the remaining cargoes as their requirements for
May had been filled.

Participants expected Japanese buyers to buy more June-loading
Oman cargoes because some Japanese refiners will finish their
spring maintenance in July.

Australian Cossack crude premium was steady at 70 cents over
APPI Tapis. Traders reported no deals this week.

Australian Gippsland crude supply was disrupted from Tuesday
because of production problems, traders said. Supply was reduced
50 percent during the past three days, although the problem was
fixed today traders said.